“GFG Alliance reaffirms its commitment to develop environmentally sustainable GREENSTEEL, GREENALUMINIUM and to progress toward carbon neutrality, as a group, by 2030. The pandemic has underlined the need to modernize plants to make them more flexible and efficient, which goes hand in hand with investment in low-carbon technology for us,” the company said in a statement. 

To that end, the company said it is prioritizing three capital projects in Europe and Australia and intends to deliver them in the next three to five years. 

Those projects include the installation of a direct reduced iron plant and two electric arc furnaces at LIBERTY Steel Galati in Romania, and construction of what the company said will be Europe’s first hybrid furnace, blending electric arc and blast furnace steelmaking, at its Ostrava plant in the Czech Republic. 

Additionally, the company plans to invest in an electric arc furnace and a direct reduction plant at its integrated Whyalla plant in Australia, which it announced earlier this week.  

The company also said it will seek a 30% improvement in efficiencies through reduced costs, productivity gains and headcount reductions. 

“The COVID-19 pandemic has impacted every one of the 35,000 people who work across our businesses. The crisis has prompted us to think differently about how our businesses are organized, how we will work in the future and how we best allocate our resources,” said executive chairman Sanjeev Gupta.