“By investing in both routes — and in recognition of the need to act now to combat climate change — this means ArcelorMittal Europe can significantly reduce CO₂ emissions by 2030 over a 2018 baseline, while waiting for the large-scale, affordable renewable energy needed for hydrogen-based steelmaking,” the company said in its newly released climate action roadmap in Europe.  

ArcelorMittal said the effort represents an invest of between EUR45 billion to EUR65 billion. With that in mind, ArcelorMittal is also calling on EU leaders to help establish an environment that supports clean steelmaking. 

That environment, it said, would include access to abundant, affordable clean energy and a level playing field that “accounts for the global nature of the steel market, addressing domestic, import and export steel dynamics, as well as the distinction between primary and secondary sources to make steel.”

“Today, the biggest barrier to transitioning to carbon-neutral steel, beyond the necessary technologies reaching commercial maturity, is the absence of the right market conditions,” said Geert Van Poelvoorde, chief executive of ArcelorMittal Europe – Flat Products. 

“The financial costs of realizing carbon-neutral steelmaking are undeniably huge. However, with a shift in market conditions brought about by having the right policies in place, European steelmakers will be able to unlock the means to reduce emissions from steel globally, while also ensuring the European steel industry remains competitive.”

You can find the full report here.