Report: ArcelorMittal: Green Steel for Europe, Blast Furnaces for India

ArcelorMittal has a 2050 net zero emissions target and is planning to shift from blast furnaces to green hydrogen-based steelmaking in Europe and Canada, but is still building coal-consuming blast furnaces in India. ArcelorMittal appears to be planning a two-speed decarbonisation with ready-to-deploy DRI technology to be installed overwhelmingly in developed nations while the developing Global South is on the slower pathway involving more blast furnaces and as yet unproven CCUS technology. With no major breakthrough in CCUS for coal-based steelmaking on the horizon, investors should be asking questions about ArcelorMittal’s Indian expansion and how it’s compatible with a 2050 net zero emissions target.

Resource: https://ieefa.org/resources/arcelormittal-green-steel-europe-blast-furnaces-india

Authors: Simon Nicholas and Soroush Basirat