ArcelorMittal to Invest $10Bln to Reduce Carbon Intensity by 25% by 2030

By Maitane Sardon

ArcelorMittal said Thursday that it plans to invest $10 billion as part of a new carbon-intensity target it set for its global operations.

The steel-and-mining company said it aims to reduce its carbon intensity--a measure of the emissions companies add to the atmosphere for every dollar of sales--by 25% by 2030 across its operations.

It said the reduction would require $10 billion in low-carbon investments. It expects to invest $3.5 billion by 2025 and the remainder in the second part of the decade.

The company said it will transform a steel plant in Spain's Sestao into a zero-carbon-emissions steel plant by using feedstock in the plant's electric arc furnaces, switching to renewable energy and introducing new technologies that replace the use of fossil fuels in the steel-making process.

The company also increased its carbon emissions-reduction target for Europe, where it said it aims to cut its carbon intensity by 35% by 2030, from a previous target of 30%.

ArcelorMittal said it plans to link the decarbonization targets to the remuneration of its executives.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

July 29, 2021 02:45 ET (06:45 GMT)

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