UK-based steelmaker Liberty Steel has announced that its technology partner China-based engineering company CISDI Engineering has received financial backing from China-based Export and Credit Insurance Corporation (Sinosure) for the construction of electric arc furnaces at Liberty’s Hungarian subsidiary Liberty Dunaújváros. The agreement covers €1.3 billion in investment.
Once installed, the new plant will replace coal-based steelmaking methods with the latest in sustainable steelmaking technology. The two new 150-tonne electric arc furnaces use steel scrap and direct reduced iron to produce high quality slabs. The plant is expected to have an annual capacity of three million mt and reduce direct carbon emissions by around 80 percent.
The €1.3 billion investment package will also include an upgrade to the existing hot rolling and galvanizing production lines.