In July 2021, the Canadian government committed CA$400 million; the recent increase in the investment secures funding for the project.
 
The project at ArcelorMittal Dofasco will reduce the CO₂ emissions annually by 3 million tons, which represents approximately 60% of emissions, according to a company press release. The blast furnace-basic oxygen furnace production route will be replaced with a 2.5-million-ton-capacity direct reduced iron (DRI) facility and an electric arc furnace (EAF) facility that will be capable of producing 2.4 million tons.
 
“Reducing our CO₂ emissions intensity worldwide by 25% by 2030 is an ambitious target for a steel and mining company; but we believe it is achievable and that it is our responsibility to invent or innovate the processes and technologies that will enable us to reach that goal,” said John Brett, ArcelorMittal North America chief executive officer. “As part of that, we understand that in the coming years, the assets used to make steel will undergo a transformation on a scale not seen for many decades.”
 
The project is currently scheduled for completion in 2028.
 
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