(CercleFinance.com) – The European Commission has approved a €55 million German measure to help ArcelorMittal build a demonstration plant for the production of green steel from renewable hydrogen.
This measure will contribute to the achievement of the objectives of the EU hydrogen strategy and the European green contract, while helping to reduce dependence on Russian fossil fuels and accelerate the green transition according to the plan. REPowerEU.
Executive Vice President Margrethe Vestager, in charge of competition policy, said: ‘The green steel mill will help reduce emissions in a high-intensity sector and provide information for the development of this technology throughout the EU.’
The aid will take the form of a direct grant and will support the construction and installation of a demonstration production facility using 100% renewable hydrogen.
The plant will have an annual capacity of 100,000 tonnes of direct reduced iron, a key input for steel production. The demonstration plant is expected to start operating in 2026. When completed, the project is expected to avoid the release of more than 700,000 tons of carbon dioxide in total.
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