By Sudip Kar-Gupta
PARIS (Reuters) – GravitHy, a low-carbon French iron producer which is planning to build a plant in southern France, said on Wednesday it had raised 60 million euros ($65 million).
The company, founded in 2022, said its latest fundraising had brought in new investors such as Rio Tinto and Siemens, along with money from existing shareholders Engie New Ventures and InnoEnergy.
Europe is keen to develop more of its own steel. The European Commission also plans to tighten import restrictions to make the steel sector more competitive.
The company is planning to build its plant in Fos-sur-Mer, near Marseille, and get it commissioned by the end of 2028. It says the new plant will create 500 jobs and represent a total investment of 2.2 billion euros.
Investment banks Rothschild and Societe Generale advised GravitHy on the fundraising round.
($1 = 0.9262 euros)
(Reporting by Sudip Kar-Gupta; Editing by Rachna Uppal)
