Econostrum | Economic News in the Mediterranean

ArcelorMittal obtains €280 million from the EIB to finance its research in Europe

Written by Eric Apim on Tuesday, September 28th 2021 à 11:05 | Read 576 times

ArcelorMittal wants to reduce the environmental footprint of its production facilities (photo: DR)
ArcelorMittal wants to reduce the environmental footprint of its production facilities (photo: DR)
EUROPEAN UNION. On Monday 27 September 2021, the European Investment Bank (EIB) granted ArcelorMittal a €280 million loan. This envelope will be used "for research and innovation in support of the steel group's decarbonization objectives", as stated in a statement by the institution. "It will help the group to achieve its ambitious climate action goals and thus reduce the environmental footprint of its production facilities, steel products and technological solutions," the document continues.

The loan is accompanied by a guarantee from the European Fund for Strategic Investments (EFSI), a central element of the European Commission's Investment Plan for Europe.

The €280 million will cover capital expenditure on existing R&D activities in several EU countries: France, Spain, Belgium and Luxembourg. It will be spread over the period 2021-2023. "The development of new products, enhanced processes and technical solutions is expected to have a significant positive impact on the environment, through the direct and indirect reduction of greenhouse gas emissions," says the EIB.

Zero emission target by 2050

"This funding will help Global R&D to further ArcelorMittal's ambitions to reduce the environmental footprint of its operations and products. We will be able to expand our work to develop disruptive, environmentally sustainable, high value-added and cost-effective manufacturing processes and products," commented Greg Ludkovsky, Vice President of ArcelorMittal.

Arcelor-Mittal ($53.3 billion - €45.6 billion - in sales in 2020 and 15,500 employees in 40 production sites) plans to reduce its CO2 emissions intensity by 35% by 2030 with a target of zero net emissions by 2050.

This partnership between the EIB and the steel and mining group has two precedents. In March 2017, ArcelorMittal signed a financing agreement for its European research and development program for the period 2017-2020 with the bank. Worth €350 million, it was guaranteed under the Investment Plan for Europe. In 2020, the EIB had granted a €75m loan to ArcelorMittal under the "Energy-related Demonstration Projects" component of the InnovFin scheme and funded under Horizon 2020 and the European Commission's RNE 300 program. 

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