ArcelorMittal Green Steel Plant Received €55 Million Funding
Posted on 09 September 2021
The German Federal Environment Minister Svenja Schulze has committed the government’s intention to provide funding for the company’s industrial-scale hydrogen-based direct reduced iron (DRI) plant. The pledge was made during the Minister’s visit to the green steel plant in Hamburg.
The German government committed to provide funding of €55 million towards construction of the plant. This comes to 50% of the total planned capital expenditure for the project, which is €110 million. The proposal is subject to approval by the European Commission (EC). The plant is scheduled to commence production in 2025.
The plant will initially demonstrate a process that makes use of hydrogen generated by the separation of waste gas from the Hamburg plant. At a later stage, green hydrogen made from the electrolysis of water using renewable energy will be used.
ArcelorMittal targets to produce over 1 million tonnes of zero carbon emissions steel per annum from Hamburg plant by 2030. This could lead to savings of nearly 800,000 tonnes of carbon dioxide emissions every year. The project, in line with the company’s Steel4Future strategy, will contribute significantly to the goal of greenhouse gas reduction and low-carbon economy.Source : Scrap Monster