Boston Metal will lay off 71 employees due to equipment failure

According to the company's statement, the equipment failure disrupted an anticipated financing agreement, resulting in the loss of access to the committed capital needed to support operations in both Brazil and the U.S.

The incident at Boston Metal's Brazil facility was "fully brought under control," with no injuries or environmental impact reported.

Boston Metal is known as a startup developing green production methods that use "molten oxide electrolysis" technology to directly convert iron ore into steel, replacing traditional coal-based steelmaking processes. Prior to the layoffs, the company's total workforce across its U.S. and Brazil operations exceeded 300 employees.