ArcelorMittal decarbonization project in Europe

The European Investment Bank (EIB) has provided a € 280 million loan to leading steel company ArcelorMittal to support its research and development programs on decarbonization from 2021 to 2023, which will be carried out in several EU countries. The loan is secured by a guarantee from the European Strategic Investment Fund.

The above funding will support ArcelorMittal's proposed capital investments in environmental, climate and energy projects. This will help the company reduce its environmental footprint in its manufacturing plants, enabling it to exceed its ambitious climate change targets. By the way, ArcelorMittal Europe has pledged to reduce its carbon footprint by 35% by 2030.

The new investment will support ongoing research and development at R&D facilities located in several countries, most notably France, Belgium, Luxembourg and Spain, the company said in a press release.

This investment is expected to play a key role in ArcelorMittal's strategy to reduce its carbon footprint and contribute significantly to the green deal in Europe. In addition, it will increase the company's competitiveness and confirm the EU's leading position as a global supplier of high quality steel products.