ArcelorMittal Outlines Climate Ambitions
May 29 2019 - 6:01AM
Dow Jones News
By Maitane Sardon
ArcelorMittal(MT.FR) on Wednesday outlined new climate targets
as part of its efforts to be more environmentally responsible.
The steelmaker and iron-ore miner said it aims to be carbon
neutral in its European operations by 2050 and significantly reduce
its global CO2 emissions.
The strategy comes as the steelmaking industry, which generates
between 7% and 9% of the world's CO2 according to the World Steel
Association, faces increasing pressure from investors using
environmental criteria in their decisions.
Some of ArcelorMittal's climate goals are aimed at reducing its
carbon footprint in the production of steel. These measures include
the use of clean power and circular carbon energy sources such as
waste biomass, instead of fossil fuels.
The company is also investing in carbon capture and storage
technology to achieve carbon neutrality in its European operations
by balancing carbon emissions with carbon removal.
In 2018, ArcelorMittal reported an average footprint intensity
of 2.12 tons of carbon dioxide for a ton of crude steel. This was
in line with previous years but higher than the global average of
1.83 tons of CO2 for a ton of crude steel. The company said its
higher intensity was due to a greater use of emissions-intensive
steelmaking routes such as those in which iron ore is smelted.
While ArcelorMittal has stated its intention to reduce its
emissions, British nonprofit InfluenceMap said the steel producer
has been one of the most active in opposing carbon pricing in the
countries where it operates. It said the company has consistently
lobbied against strengthening the cost applied to carbon pollution
in Europe.
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
May 29, 2019 05:46 ET (09:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
ArcelorMittal (EU:MT)
Historical Stock Chart
From Aug 2024 to Sep 2024
ArcelorMittal (EU:MT)
Historical Stock Chart
From Sep 2023 to Sep 2024