Steel major ArcelorMittal is under scrutiny for allegedly misusing subsidies intended for green hydrogen and decarbonisation pledges while simultaneously delivering record returns to shareholders.
A report by steel advocacy group, SteelWatch, has alleged ArcelorMittal is “failing in its claim” to be a climate change leader by spending just one-third ($500m) of the $1.5bn it pledged to invest into decarbonisation over the past three years.
Under the world’s second largest steelmaker’s “Innovative DRI” pathway it announced plans to transition its blast furnace plants to direct reduce iron (DRI) making processes using green hydrogen and/or electric arc furnaces (EAF) to clean up its operations.
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