ArcelorMittal halts €1.3bn hydrogen-based steel plans in Germany
ArcelorMittal has called for stronger European support to enable the transition to low-carbon technologies, as it confirms it cannot proceed with its planned hydrogen-based Direct Reduced Iron (DRI) and Electric Arc Furnace (EAF) projects in Germany.
The steel giant stated in an update yesterday that it’s “impossible” to move forward with DRI and EAF plans at its flat steelmaking sites in Bremen and Eisenhüttenstadt.
ArcelorMittal had an agreement with the German federal government to receive €1.3bn ($1.5bn) in financial support to build a hydrogen-based DRI and EAF facility. To receive this funding, ArcelorMittal was contractually required to start construction by June 2025.
Due to current market conditions, including high electricity prices, weak steel demand, uncompetitive hydrogen economics, and policy uncertainty, ArcelorMittal has had to formally inform the government that it cannot move forward with the investment.
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