ArcelorMittal, Spain’s largest steel producer, announces €280 million of funding for decarbonisation research in partnership with the European Investment Bank (EIB).
A €280 million loan granted to ArcelorMittal by the European Investment Bank (EIB) backed by the Investment Plan for Europe will help to fund the group’s European research and development programme between 2021 and 2023.
It comes on the back of an announcement in July that the company had secured a memorandum of understanding (MoU) with the Spanish Government that will see a €1 billion investment in decarbonisation technologies at ArcelorMittal Asturias’ plant in Gijón.
The EIB loan will cover capital expenditure in several EU countries: France, Belgium, Luxembourg and Spain.
European Commissioner for the Economy Paolo Gentiloni said: “Thanks to a guarantee from the Investment Plan for Europe, ArcelorMittal will invest €280 million into research and development activities to meet its climate goals and reduce the environmental footprint of its manufacturing facilities.
“This agreement shows that innovation is key to companies’ efforts to contribute to Europe’s climate commitments while staying competitive. I am looking forward to seeing many other companies follow suit,” he added on September 27.
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