ArcelorMittal said it would put on hold ambitious plans to invest in greener forms of steelmaking in Europe, blaming a lack of progress from EU policymakers to support the transition.
The world’s second-largest steelmaker said projects to replace its blast furnaces with hydrogen-powered, lower-carbon alternatives had been “premised on a favourable combination of policy, technology and market developments” to facilitate the required investment and help to offset large capital expenditure costs.
“This included being able to use natural gas until green hydrogen became competitive,” the company said on Tuesday. However Europe’s policy, energy and market landscape had not moved in a “favourable direction”.
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