ArcelorMittal has signed a memorandum of understanding (MoU) with the Spanish Government that will see a €1 billion investment in decarbonisation technologies at ArcelorMittal Asturias’ plant in Gijón, in the construction of a green hydrogen direct reduced iron (DRI) plant, as well as a new hybrid electric arc furnace (EAF).
The investments will reduce CO2 emissions at ArcelorMittal’s Spanish operations by up to 4.8 million tonnes (1), which represents approximately 50% of emissions, within the next five years. ArcelorMittal has also announced that its Sestao plant in Spain will become the world’s first full-scale zero carbon-emissions steel plant. (2)
 Should green hydrogen not be available at affordable rates by the end of 2025, natural gas would be used to power the DRI furnace. This would still result in a very significant reduction in CO2 emissions, of 4 million tonnes, approximately 45%.
 On a Scope 1 and 2 basis.