(CercleFinance.com) – The Luxembourg Ministry of the Economy announced on Tuesday the signing of a memorandum of understanding with ArcelorMittal aimed at supporting investments in favor of the steelmaker’s decarbonization.
With this arrangement, the Government of Luxembourg confirms its willingness to financially support several projects to enable the steelmaker’s Luxembourg sites to take the path of carbon neutral steel production.
A first part, with an estimated value of 100 million euros, will consist of a transformation of the Belval steelworks which will benefit from a new electric arc furnace to improve its energy efficiency.
This project will also increase the site’s steel production capacity by around 15%, with volumes likely to reach 2.5 million tonnes of steel per year.
In a later stage, new developments will be implemented, such as the replacement of natural gas in the reheating furnaces of the rolling mills by alternative energies.
In a second step, ArcelorMittal plans to make Bissen the first carbon-neutral site of its ArcelorMittal Wire Solutions branch, thanks to the modernization of its wire drawing and galvanizing lines, through the implementation of ‘state-of-the-art’ technologies.
This investment, which should represent a total budget of 30 million euros, will be carried out in several stages over the next five years.
Finally, the Esch-sur-Alzette R&D center will be relocated to the Belval site with a view to consolidating and strengthening ArcelorMittal’s R&D activities in Luxembourg.
The idea is to promote interactions with the sites of ArcelorMittal Long Products, the University of Luxembourg and the Luxembourg Institute of Science and Technology (LIST), by creating an innovation hub.
ArcelorMittal Europe has set itself the goal of reducing its CO2 emissions by 35% by 2030, before ultimately achieving carbon-neutral steel production.
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