The company stated that its plans to replace its blast furnaces with lower-carbon-emitting "hydrogen-ready" DRI-EAF facilities are contingent upon favorable policy and market conditions. ArcelorMittal, which has invested $1 billion in decarbonization projects since 2018, reported a 50% reduction in its Scope 1 and 2 emissions. “ArcelorMittal's absolute emissions have reduced by 50% since 2018, including steps taken to shape the business with a portfolio of lower-carbon operations. Current decarbonization investment is focused on increasing the production of the electric arc furnace in Sestao (Spain), which produces high-quality low-carbon flat products, and a new EAF in Gijón (Spain). Electric arc furnaces currently account for 25% of our global production, up from 19% in 2018.”
ArcelorMittal CEO Aditya Mittal stated, "Policy support and market conditions are not sufficient to accelerate our investments." The company points to pressure, particularly from increased imports in Europe, and expects the necessary support by 2025.
ArcelorMittal is awaiting critical policy changes to accelerate its decarbonization investments. Company officials state that current progress is insufficient to support investments and hope for significant developments by 2025. These anticipated developments include a review of the Carbon Border Adjustment Mechanism, a reassessment of steel safeguard measures, and the creation of a new Steel and Metal Action Plan to ensure the sustainability of the European steel industry. These steps are identified as critical for accelerating ArcelorMittal's plans to transition to green steel production.
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