Steel maker ArcelorMittal has launched a new XCarb innovation fund, that will invest in companies developing technologies to accelerate the steel industry’s transition to carbon neutral steelmaking.

Introducing the XCarb innovation fund, Aditya Mittal, CEO of ArcelorMittal, said:

“Having set a target of reaching net zero by 2050, progressing our efforts to reduce the carbon intensity of the steel we produce is central to our long-term strategy. The heart of these efforts lie in the work we are undertaking to develop and deploy several breakthrough steelmaking technologies which sit across two low-emissions pathways – Smart Carbon and Innovative DRI.

“We believe these can make carbon-neutral steelmaking a reality. Deployment of the technologies is progressing well, with industrial scale pilot plants scheduled to commence production next year.

“The fund we have launched today adds an exciting new element to our CO2 technology strategy. It is a further sign of our commitment to aiding the development of technologies which can help to support the decarbonisation of our company and our industry.”