OEM : Primary Metal
At ArcelorMittal, our goal is to help build a better world with smarter steels. Steels made using innovative processes which are more efficient, use less energy, and emit significantly less carbon. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. We foster this culture of innovation by putting research and development at the heart of our operations. We have some of the best and brightest people in the business – engineers who work for us because they get to tackle the most complex of problems.
Green Steel Technology Company Boston Metal Announces $120M Series C Financing Led by ArcelorMittal
Boston Metal, a company developing technology to fully decarbonize steel production, today announced the $120 million first close of Series C fundraising led by multinational steel company, ArcelorMittal S.A. (NYSE: MT). Microsoft’s Climate Innovation Fund and SiteGround Capital also joined as new investors in this round, alongside current investors.
Boston Metal’s patented Molten Oxide Electrolysis (MOE) process is being commercialized to produce both green steel and high-value metals, such as tin and niobium. The Series C funds will expand the production of green steel at the company’s pilot facility outside Boston and will support the site selection and preliminary design of its first green steel plant. The new resources will also support the construction and commissioning of a manufacturing facility for high-value metals at the company’s Brazilian subsidiary, Boston Metal do Brasil.
The business of sustainability in steelmaking
These upgrades at the Train 2 plant allowed ArcelorMittal to save 15-20% on installation, reduce downtime by 5-10%, save 170 equivalent metric tons of CO2, and prevent reprocessing 26 tons of materials. Sensor-based equipment condition monitoring also let the steelmaker’s staff track energy use and identify potential faults before they cause downtime. These improvements also increase the facility’s installation reliability, energy efficiency, personnel safety and equipment life with predictive maintenance.
ArcelorMittal expands partnership with carbon capture and re-use specialist LanzaTech through US$30 million investment
ArcelorMittal (‘the Company’) today announces it has made a US$30 million investment in carbon recycling company, LanzaTech through its XCarb™ innovation fund, the fourth investment the Company has made through the fund since its launch in March 2021.
The investment further expands ArcelorMittal’s relationship with LanzaTech, which commenced in 2015 when the Company first announced plans to utilise LanzaTech’s carbon capture and re-use technology at its plant in Ghent, Belgium. The €180 million Carbalyst® plant – ArcelorMittal’s flagship carbon capture and re-use technology project - is currently under construction, with commissioning expected before the end of 2022. Also known as the Steelanol project, funding has been obtained from various sources, including from the European Union’s Horizon 2020 program, the European Investment Bank and the Belgian and Flemish governments.