EU’s Steel Giant Accused Of Climate Inaction As Rivals Forge Ahead
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A new report has accused steelmaker ArcelorMittal of shirking responsibility in the struggle to … More decarbonize steel production. dpa/picture alliance via Getty Images European steel giant ArcelorMittal, which has a carbon footprint of a similar size to Belgium, is falling behind in the race to decarbonize and is jeopardizing its position as an industry leader, an environmental watchdog has claimed. In a report released Tuesday, NGO SteelWatch revealed that the firm, which is the EU’s largest steelmaker, has yet to make final investment decisions on any of five announced, large-scale decarbonization projects in Europe and Canada, despite securing $3.5 billion in government subsidies worldwide. Luxembourg-headquartered Arcelor, which generated $62.4 billion in turnover in 2024 and has an annual output of 58 million tons of steel, emits more than 100 million tons of CO2 every year. But SteelWatch analysis indicates that while the firm has allocated just $800 million to decarbonization investment, it spent some $12 billion—15 times more—on shareholder dividends and buybacks from 2021 to 2024. The firm has blamed economic and industry uncertainty for rowing back on its decarbonization plans. But SteelWatch CEO Caroline Ashley said that ArcelorMittal is neglecting its responsibilities as an industry leader. “Turbulence is difficult if you’re a leader, but it is not an excuse for inaction,” Ashley told me. “It’s bad leadership to say, ‘it’s a turbulent world out there so I’m going to stay still and not do anything.’ It is short-sighted to say the least.” Green Steel At A Crossroads Experts say that iron and steel production are responsible for between 8-11% of the world’s total greenhouse gas emissions, the main cause of global warming. A large proportion of the emissions from steelmaking take place in a process called direct reduction of iron, or DRI, which has traditionally used natural gas…
Filed under: News - @ May 6, 2025 11:25 am