BRUSSELS (Reuters) – The European Commission on Thursday said it had approved 280 million euros ($308 million) in state aid granted by Belgium to steel maker ArcelorMittal to help it decarbonise its steel production.
The aid will support the construction of a direct reduction iron plant, which together with a new electric arc furnace will replace one of two existing blast furnaces. The plant, which is expected to be operational by 2026, will ultimately be operated using renewable hydrogen.
The commission said the aid was necessary to facilitate investments in sustainable steel production and had enough safeguards to limit the effects on competition.
($1 = 0.9100 euros)
(Reporting by Bart Meijer)
