The European Investment Bank has announced that it is granting a €300 million loan to Austrian steelmaker Voestalpine AG in order to support the latter’s decarbonization efforts.
Accordingly, the company will allocate the EIB loan to its research and development program over four years, with the aim of optimizing production processes, increasing energy and raw material efficiency, and extending its product life.
Starting from 2027, the Austrian steelmaker will cut its carbon emissions by up to 30 percent by 2029 compared to 2019, by partially replacing its blast furnaces with electric arc furnaces powered by green electricity, focusing on the production of its carbon-reduced steel products under the greentec steel brand.
Voestalpine plans to achieve carbon-neutral steel production by 2050.
