The EU Commission has given the green light for state aid worth billions with which Germany wants to promote the green conversion of ArcelorMittal’s steel production.
The aid amounting to 1.3 billion euros is necessary and appropriate for the market entry of CO2-free steel production, the competition authorities in Brussels announced on Friday. The positive effects are greater than possible negative effects on competition. The EU Commission had previously approved federal aid for the decarbonization of competitors thyssenkrupp and Salzgitter.
ArcelorMittal is one of the largest steel companies in Germany. The company operates plants in Duisburg, Bremen, Eisenhüttenstadt and Hamburg. The group employs around 9,000 people in this country.
The Green Party-led Federal Ministry of Economics announced that ArcelorMittal’s funding affects the Bremen and Eisenhüttenstadt locations. The state of Bremen is contributing around 250 million euros to the total funding. ArcelorMittal’s project is expected to achieve CO2 savings totaling over 70 million tons by 2041.” The funding decision will now be prepared immediately, said Economics Minister Robert Habeck.
The plan is to put new systems into operation in 2026. The use of climate-friendly hydrogen is expected to steadily increase. “Ultimately, the plan is to use more than 135,000 tons of renewable hydrogen per year,” said the ministry. “This will produce more than 3.8 million tonnes of green steel. The industry has been one of the biggest polluters to date.
Brussels/Düsseldorf/Berlin (Reuters)
Selected leverage products on ArcelorMittal
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the lever you want and we will show you suitable open-end products on ArcelorMittal
The leverage must be between 2 and 20
Advertising