ArcelorMittal has canceled plans to convert two plants in Germany to carbon-neutral production. The company has turned down €1.3 billion in subsidies. The government of Germany hoped that the subsidies would motivate the company to convert existing plants to use furnaces fired with hydrogen.
The plants are situated at Bremen in the north and Eisenhuettenstadt in the east. Reportedly, the plans were nixed because the country’s energy costs were too high and there was uncertainty about its future energy mix. Furthermore, the German economy ministry said that three other projects by Salzgitter, Thyssenkrupp, and Stahl-Holding-Saar remain underway.
ArcelorMittal is a steel and mining company with a presence in over 60 countries and an industrial footprint in 18 countries. It sells its products to a diverse range of customers, including the automotive, engineering, construction, and machinery industries.
