Ghent (Brussels Morning Newspaper) – ArcelorMittal, the world’s biggest steel maker, plans to reduce pollution at its Ghent plant, cutting Belgium’s CO2 by 32 million tons over 10 years. However, high energy costs delay the project.
ArcelorMittal, the world’s biggest steel maker, wants to be more environmentally friendly, especially at its plant in Ghent, Belgium. They got €260M of money from the European Innovation Fund to help them make steel in a greener way, but that was not enough. However, they are facing some problems.
European rules have changed, making it hard for them to afford to make these changes. High energy costs and too much steel being made around the world are also making it difficult. Because of these issues, ArcelorMittal has had to delay its plans to make steel cleaner in Europe, including at the Ghent plant.
Will ArcelorMittal’s green plan for Ghent survive economic hurdles?
ArcelorMittal has new technology to capture pollution, but they need help from the government and a stable economy. The company needs European rules to be helpful and energy costs to be low so they can compete with other steel companies.
ArcelorMittal wants the European Union to clearly say how it plans to help steel companies in the future so they can stay competitive and meet climate goals. Officials mentioned that if these problems aren’t solved, European steel companies might fall behind other countries in the green transition, which could affect Europe’s economy.
ArcelorMittal had an idea to green its steel factory in Ghent, Belgium. It wanted to lower pollution (CO2) in Ghent and throughout Belgium. This initiative is to reduce pollution in Belgium by 3% immediately, translating to some 32 million tons less pollution over the next 10 years.
But things haven’t gone smoothly for ArcelorMittal’s green plan. There have been problems in Europe that make it hard to keep the project going. Energy costs are higher than expected, and there’s too much steel being made, which makes it difficult for companies to make money. Because of these problems, ArcelorMittal has decided to put its green plan on hold.
