Luxembourg-based ArcelorMittal has announced that it plans to invest €67 million in a new electric arc furnace at its Belval plant. For this investment, the company will receive a subsidy of approximately €15 million from the government.
The new furnace, which will replace the current one, will improve energy efficiency and increase steel production capacity by almost 15 percent, reaching an annual 2.5 million mt. The installation of the new electric furnace will start this year, with commissioning in 2025.
Besides €67 million in investment, the additional investments to be made in other areas of the Belval steel plant will enable the company’s facilities to be self-sufficient in crude steel production capacity to cover the needs of finished steel in the country.