In a statement, ArcelorMittal said it has signed a memorandum of understanding with international energy firm Equinor to develop value chains related to the process. Equinor is a partner in the Northern Lights project, which aims to sink a carbon sequestration well in the North Sea.

“As part of the project, ArcelorMittal – which has an ambition to be carbon neutral by 2050 within Europe - has committed to a number of joint activities including the development of logistics, exploring potential commercial models, and advocating on the topic of carbon capture and use (CCU) and CCS, as an important part of the successful decarbonization of European industry,” the company said in a statement.