Slovakia-based US Steel Kosice (USSK), a subsidiary of US Steel, will receive €300 million funding from the Slovakian government through the EU’s Recovery and Resilience Plan for its steel production decarbonization plans, according to media reports.
The modernization of the company’s steel production by replacing its two blast furnaces with electric arc furnaces is estimated to cost more than €1 billion.
The government will grant financing to two more companies in the country for their decarbonization. These three companies’ decarbonization projects will reduce Slovakia’s annual carbon emissions by more than three million metric tons by 2026 at the latest.