Spain’s Council of Ministers has approved €450 million funding for Luxembourg-based steelmaker ArcelorMittal’s project at its Asturias plant in Spain, which is aimed at decarbonizing its steel production.
The funding, which the European Commission approved in February, will support the construction of a renewable hydrogen-based direct reduced iron plant with an annual capacity of 2.3 million mt which will replace the two blast furnaces. The plant is scheduled to start operating by the end of 2025.
Once completed, the project is expected to reduce carbon dioxide emissions by 70.9 million metric tons, as SteelOrbis previously reported.