ArcelorMittal, Canada Government to Invest $1.42 Billion in Carbon-Cutting Technology
30 Luglio 2021 - 5:05PM
Dow Jones News
By Ed Frankl
ArcelorMittal said Friday that it had agreed with the Canadian
government to an investment of nearly $1.5 billion in
decarbonization technology.
The investments, worth $1.765 billion Canadian dollars ($1.42
billion), would reduce carbon emissions at ArcelorMittal's Dofasco
plant in Hamilton, Ontario, by around 60% before the end of 2028,
the steel maker said.
ArcelorMittal said the investment is contingent on support from
the governments of Canada and Ontario.
Canada's government said Friday that it will invest CAD$400
million in the project, and ArcelorMittal said it is in discussions
with the government of Ontario regarding its support.
The plant will transition away from traditional blast-furnace
steelmaking production route to a new method, called direct reduced
iron-electric arc furnace, which carries a significantly lower
carbon footprint, the Luxembourg-based company said.
The project is expected to support as many as 2,500 jobs during
the engineering and construction phases, and support ArcelorMittal
Dofasco's decarbonization ambitions, it said.
On Thursday, ArcelorMittal said it plans to invest $10 billion
as part of a new carbon-emissions-reduction target it set for its
global operations.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
July 30, 2021 10:51 ET (14:51 GMT)
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