By Ed Frankl

ArcelorMittal on Friday announced a 1.7 billion euro ($1.94 billion) investment program in decarbonization in France.

The investment, supported by the French government, will reduce ArcelorMittal's carbon emissions by 40% in France by 2030, the steelmaker said.

"This transformation will represent a 10% reduction in greenhouse gas emissions from the manufacturing industry in France and put France's steelmaking industry on the path of the Paris Agreement," the Luxembourg-based company said.

The facilities, at the industrial company's sites in Fos-sur-Mer in the south of the country and Dunkirk in the north, will be operational from 2027, and will replace three out of five of ArcelorMittal's blast furnaces in France by the end of the decade.

The news follows ArcelorMittal's agreement last year with the Spanish government for EUR1 billion investments in decarbonization, which it said would lead to the world's first full-scale zero carbon-emissions steel plant near Bilbao.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

February 04, 2022 06:41 ET (11:41 GMT)

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