Voestalpine, Europe’s major steelmaker, has secured a EUR 300 mln (USD 321 mln) loan from the European Investment Bank (EIB) to support its research and development (R&D) program over the next four years. The funding aims to optimize manufacturing processes, enhance energy and raw material efficiency, and extend product life, according to an EIB statement.
Voestalpine aims to significantly reduce its environmental and carbon footprint by 2030 and achieve carbon neutrality by 2050. The company will focus on its Greentec Steel initiative, which plans to reduce CO2 emissions by up to 30pct by 2029 compared to 2019 by replacing coal-based blast furnaces with electric arc furnaces powered by green electricity.
As one of Austria’s most research-intensive companies, Voestalpine employs around 800 R&D employees across 70 companies and collaborates with 100 scientific partners worldwide. The Greentec Steel program, starting in 2027, will cut CO2 emissions by up to 30pct, representing almost 5pct of Austria’s annual CO2 emissions and making it the country’s largest climate protection initiative. Voestalpine’s ultimate goal is CO2-neutral steel production by 2050.
The globally operating Voestalpine group, with around 500 companies in over 50 countries, is a leading partner in the automotive, consumer goods, aerospace, and energy industries. It also holds a global market leadership position in railway systems, tool steel, and special sections.
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