[ad_1]
(Bloomberg) — ArcelorMittal SA and the French government will invest 1.8 billion euros ($2 billion) to reduce carbon emissions from the company’s steel plant in Dunkirk, reducing the country’s industrial emissions by 6%.
Most Read Articles on Bloomberg
Finance Minister Bruno Le Maire said in a press conference on Sunday that the money would fund two electric furnaces and a direct reduction plant on the site. The French government’s contribution could reach 850 million euros.
“This is a big win for France, both in terms of reducing carbon emissions and the economy,” Lemaire said, as France beat Belgium, Germany and Spain to win a major decarbonization investment from ArcelorMittal. said.
Le Maire said ArcelorMittal plans to sign a letter of intent with the French utility company for a long-term supply contract for nuclear power.
Read more: France offers €1 billion in subsidies for industrial CO2 reduction projects
France and ArcelorMittal have already announced the broad outlines of their efforts. Le Maire is scheduled to visit EDF’s nuclear power plant in Gravelines, northern France, and the nearby Dunkirk steel mill on Monday to promote investment. EDF plans to build two more reactors on the Gravelin site.
Le Maire was reappointed last week in a cabinet reshuffle by President Emmanuel Macron, expanding his portfolio to include energy.
(Updated with comment from Minister of Finance in third paragraph.)
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP
[ad_2]
Source link
