Luxembourg-headquartered steelmaker ArcelorMittal has announced that its subsidiary ArcelorMittal Europe’s Flat steel division and Spain-based Gonvarri Industries have signed a memorandum of understanding to cooperate more closely on reducing carbon emissions and strengthening both companies’ sustainability performance in the automotive market.
The agreement focuses on the two companies working on common sustainability projects, including the use of ArcelorMittal’s XCarb steel, as well as identifying ways to strengthen the circular economy.
Gonvarri Industries, which has annual production capacity of around 5 million mt of processed steel, and ArcelorMittal Europe are committed to carbon neutrality by 2050.