Announcing Thursday, the steelmaker said it is now targeting a companywide 25% reduction in carbon emissions by 2030. It also is raising its carbon reduction goal to 35% by 2030 for its European business. 

“We can and must go further as zero carbon-emissions steel has the potential to be the backbone of the buildings, infrastructure, industry and machinery, and transport systems that will enable governments, customers and investors to meet their net-zero commitments,” said ArcelorMittal chief executive Aditya Mittal. 

“ArcelorMittal has been working hard to be at the forefront of our sector in the net-zero transition, as we believe not only will this help decarbonize the global economy but will also generate opportunities in multiple aspects of our business,” he added. 

The company said it expects that 35% of the planned US$10 billion investment will come over the next four-and-a-half years, with the remainder to be made in the second part of the decade.