ArcelorMittal Belgium has postponed its planned EUR 2 bln (USD 2.29 bln) low-carbon steelmaking project at its Ghent site, citing unfavorable market conditions, CEO Frederik Van De Velde told the federal parliament. The company remains committed to greening its operations but said current investment returns are not viable.
Announced in 2021, the project aimed to replace traditional blast furnaces with direct reduced iron and electric arc furnace technology, significantly cutting CO2 emissions. However, rising costs and lower electricity prices in France made the group’s Dunkirk site more attractive for such investment.
Van De Velde stressed that ArcelorMittal is maintaining its net-zero 2050 target but will proceed with major investments only when market conditions improve. He also called for stronger European support to ensure competitiveness, noting that customers are not yet willing to pay more for low-carbon steel.
1 USD / 0.87 EUR
