Published on 15 May 2024 on Zacks via Yahoo Finance
ArcelorMittal (MT) Advances Green Steel With Gijon EAF Project
ArcelorMittal S.A. MT recently commenced the construction of an electric arc furnace (EAF) for long products at its Gijon plant, with the first heat production expected in the first quarter of 2026. This €213-million (nearly $230 million) investment marks the inaugural major EAF project within the European decarbonization program and represents a pivotal step toward low-carbon steelmaking in Asturias.
The transition to the new process will significantly reduce CO2 emissions by shifting from a hot metal production method reliant on fossil fuels to one utilizing scrap and direct reduced iron, powered by electricity from wind and solar sources when available. This new EAF steel production will lower CO2 emissions by more than 35%, potentially reaching a reduction of 1 million tons of CO2 equivalent annually once the transition phase is complete.