Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 73

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 73
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 can become a leading option for very low carbon emission steel production: Direct electrolysis ArcelorMittal is making progress in commercializing direct electrolysis technology. In June 2023, ArcelorMittal and John Cockerill announced plans to construct the world's first industrial scale low temperature iron electrolysis plant. The project is running according to schedule. XCarb® innovation fund The Company has continued its investments in innovative breakthrough decarbonization technologies that hold strong potential to decarbonize steelmaking operations. In July 2024, the Company announced the selection of three start-ups as the joint winners of its inaugural XCarb® India Accelerator Program focused on CCUS technologies and biochar production. In September 2024, the Company announced the investment of $5 million in Utility Global, a company that has developed a patented reactor which processes variable industrial process gases, without the use of electricity, into high-purity hydrogen and a concentrated CO 2 stream that can be captured and stored. Fostering the development of a supportive environment Due to the scale of transformation required in the global economy to achieve net-zero, policy making has a critical role to play. The significant capital expenditure needed to transition to low carbon technologies, and their higher operating costs especially in the EU, needs to be addressed by governments through incentivization of markets and funding and economic support. ArcelorMittal has actively engaged and continues to do so with governments, policy makers and related organizations and interest groups, to build the appropriate policies and economic and social conditions to achieve the changes required in a commercially viable manner. ArcelorMittal believes that it is crucial that the newly announced policy initiativ es of the new European Commission in the January 29, 2025 Competitiveness Compass Communication – including but not only the Clean Industrial Deal and the Steel and Metals Action plan: • Result in increased trade protection against massive global excess capacity and unfair competition and more robustly enforced trade defence instruments • Ensure a solution for competitiveness of EU exports, e.g., through an ETS rebate, ETS exemption or continuation of free allowances for export volumes • Considerably strengthen the CBAM to avoid carbon leakage and circumvention by major redirection of low carbon steel towards Europe without global emission reduction (resource shuffling) • Include access to sufficient affordable energy • Include technology neutral simplified funding processes for large scale decarbonization investments • Support the demand for low-carbon steel through low carbon steel lead markets. The global investor community is playing a key role in providing the support and finance for the net