Green steel projects received a total of €10.5 billion funding

The European countries provided a total of EUR 10.5 billion in financing to steel producers for their decarbonization activities.

Sources told SteelRadar that in the last 6 months ; The United Kingdom is expected to support Tata Steel's project and British Steel with EUR 580 million, ArcelorMittal Bremen, ArcelorMittal Eisenhüttenstadt plants received EUR 1.3 billion and Stahl-Holding-Saar received EUR 2.6 billion in support from the German government, the Swedish Energy Agency financed LKAB and HYBRIT with EUR 270 million, and finally the H2GS project is expected to receive a grant of approximately EUR 250 million from the Innovation Fund.

Projects that receive state support are aimed to transition from BF-BOF to the DRI-EAF route, while it was emphasized that Germany is the country that provides the most funding to green steel projects.

Germany accounts for 70% of all carbon neutralization projects across Europe and other steel producers in Europe are also expecting state support for decarbonization efforts.