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voda 7 juni 2021 08:19

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Rosneft & TMK Ink Steel Supply Pact for Vostok Oil project

Rosneft Oil Company Group’s subsidiary Vostok Oil LLC and TMK PJSC’s subsidiary Sinarastroikomplekt LLC have signed an Agreement on the supply of metal products and related services provision for the implementation of the Vostok Oil project within the framework of the XXIV St Petersburg International Economic Forum. The signed agreement will ensure uninterrupted integrated supply of metal products, including pipe products, metal structures, reservoir park, and other metal structures for timely construction and installation works at the Vostok Oil project.

In 2020, Rosneft commenced full-field development its Taimyr assets. Vostok Oil will help unlock the unique resource potential of the region. The project implementation will ensure the fulfillment of the tasks set by the President of Russia to increase the cargo flow along the Northern Sea Route. As part of the project, it is planned to drill a large well stock, build power generation facilities with a capacity of about 3.5 GW, three airfields, two sea terminals, 15 camps, and a large-scale upgrade of the Yenisei River infrastructure. Rosneft is constructing an onshore terminal in the North Bay Port to ensure loading of crude oil to tankers.

Vostok Oil is the largest project not only for Russia's but also for the world's economy. Its resource base exceeds 6 billion tons of premium-quality sweet crude oil. The Project envisages creating tens of thousands additional jobs. Implementation of the Vostok Oil Project will give momentum to the development of related economic sectors such as machine building, metallurgy, power generation, road construction, ship building, and will have a significant multiplicative effect.

Source - Strategic Research Institute

voda 7 juni 2021 08:20

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NOVATEK & Severstal Sign MOU on Hydrogen & Emission Reduction

As part of Saint-Petersburg International Economic Forum, PAO NOVATEK and PAO Severstal signed a Memorandum of Understanding on cooperation in the field of alternative and hydrogen energy to reduce greenhouse gas emissions. The MOU provides for the implementation of a joint pilot project to produce “blue” hydrogen from natural gas and by using technologies for carbon capture and storage. The Parties intend to jointly develop technical requirements, standards and engineering solutions for the manufacturing and supply of hydrogen transport pipelines, turbines, hydrogen storage systems and hydrogen transport tanks.

Furthermore, the Parties also agreed to cooperate in the production and supply of hydrogen, development of technological solutions for the use of fuel types based on hydrogen and its carriers, specifically ammonia.

Source - Strategic Research Institute

voda 7 juni 2021 14:00

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ArcelorMittal wil Franse tak Liberty Steel overnemen
Blijkt uit melding bij Europese Commissie.

(ABM FN-Dow Jones) ArcelorMittal wil Liberty Steel France overnemen. Dit bleek maandag uit een melding van de aan het Damrak genoteerde staalreus bij de Europese Commissie.

De Franse tak van het Britse concern van staaltycoon Sanjeev Gupta omvat de activiteiten van France Rail Industries en de staalfabriek Liberty Ascoval.

De Financial Times meldde vorige week al dat Gupta de fabrieken moet verkopen, nadat een herfinanciering is mislukt.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999

voda 8 juni 2021 07:35

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China’s Steel Exports & Iron Ore Import Decline in May 2021

According to General Administration of Customs, China exported 5.271 million tonnes of finished steel in May 2021, down 33.9% MoM from 7.973 million tonnes in April 2021, as domestic demand was good and export sales in the March-April period for shipment in May were reduced by the expected cancelation of the export tax rebates. But steel exports from China in May 2021 were up 19.8% YoY. In the January-May period 2021, China exported 30.924 million tonnes of finished steel, increasing by 23.7% YoY. China's May steel imports fell by 5.8% YoY to 1.21 million tonne in May 2021 but rose by 2.7% from April.Finished steel imports I January-May 2021 increased by 11.6% YoY to 6.1 million tonnes. The volume does not include semi-finished steel imports

On the other hand, China imported 89.79 million tonnes of iron ore in May 2021, substantially lower than the 98.57 million tonnes in April and 102.11 million tonnes in March. In the first five months of 2021, China brought in 471.77 million tonnes of iron ore.

Source - Strategic Research Institute

voda 8 juni 2021 07:36

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JSW Unites Project Divisions & Onboards Clients through Aikyam

Following the successful integration of its retail trade across Steel & Cement into JSW One in the East, JSW Group will now have a single group interface for all its Large Project divisions in the Steel and Cement businesses. The Indian conglomerate has created Aikyam, a technology platform where details can be accessed by the Managers of Large Project Divisions from both these businesses to capitalize on the potential opportunities. Aikyam will digitize the end-to-end institutional sales processes at JSW Group by integrating data across the two business entities to create a single 360 degree view of the large project customers. This will enable its group of Client Managers to elevate their interactions with large clients and identify opportunities to cross sell, thereby offering an enhanced customer experience to these clients.

The Aikyam integration is expected to unlock large scale volume opportunities for the Steel and Cement businesses of JSW Group across key States of Maharashtra, Gujarat, Karnataka, Telangana & Andhra Pradesh. It is expected to unlock substantial new demand for JSW Steel and JSW Cement as well as other group companies going forward. The Group has already on boarded MMRDA, MHADA, MCGM, DMRC, Afcons Infra, BG Shirke, CapaciteInfraprojects, DilipBuildcon, ITD Cementation, J Kumar Infra, JMC Projects, L&T, L&W, Navayuga Engineering, NCC, Rajapushpa Realty, Shapoorji Pallonji& SNC during the pilot run of the integrated service.

JSW One Director Mr Parth Jindal said “JSW Group has the unique advantage of providing an integrated offering to its large customers in the Infrastructure & Building industries space. We have leveraged the JSW One advantage for our retail customers successfully in the Eastern part of India and are now extending it to our Large Project clientele through our Aikyam initiative. I expect Aikyam to fundamentally change the way JSW works with its large clients, while ensuring that our relationships continue to get stronger through a single Group interface, bolstered by strong internal collaboration. In the near future we plan to offer other group products such as paints, construction chemicals, RMC and many others to our large institutional customers through the Aikyam interface”

JSW Steel’s Executive VP (Sales & Marketing) Mr Vinay Shroff said “The positive impact of JSW One on retail customers gives the confidence to extend the integrated offering to our Large and Strategic Customers. Aikyam enables our business teams to derive the benefits of cross-selling and simultaneously ensure a new way of working with these customers so as to be able to service all their critical needs on priority basis. This will also help us to serve them through an improved supply chain and the resultant efficiency that comes with it for all the stakeholders.”

Source - Strategic Research Institute

voda 8 juni 2021 07:37

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Court Rejects Korean Slave Labor Claim against Nippon Steel

According to reports in South Korean & Japanese media, Seoul Central District Court has rejected a claim by dozens of World War II-era Korean factory workers and their relatives who sought compensation from 16 Japanese companies for their slave labor during Japan’s colonial occupation of Korea. A total of 85 plaintiffs had sought a combined KWR 8.6 billion won (USD 7.7 million) in damages from 16 Japanese companies, including Nippon Steel, Nissan Chemical and Mitsubishi Heavy Industries. The court dismissed their civil lawsuit after concluding the 1965 treaty doesn’t allow South Korean citizens to pursue legal action against the Japanese government or citizens over wartime grievances. Court said that accepting the plaintiffs claim would violate international legal principles that countries cannot use domestic law as justification for failures to perform a treaty.

The Seoul Central District Court said that while the plaintiffs have not lost their right to claims as individuals under a 1965 bilateral accord under which Japan provided grants and loans to South Korea, such a right cannot be exercised through lawsuits.

The decision appears to run against landmark Supreme Court rulings in 2018 that ordered Nippon Steel and Mitsubishi Heavy Industries to compensate Korean forced laborers. It largely aligns with the position maintained by the Japanese government, which insists all wartime compensation issues were settled under a 1965 treaty normalizing relations between the two nations that were accompanied by hundreds of millions of dollars in economic aid and loans from Tokyo to Seoul.

Some plaintiffs told reporters outside the court they plan to appeal.

Source - Strategic Research Institute

voda 8 juni 2021 07:38

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JSPL Steel Production & Sale in April & May Surges YoY

Jindal Steel & Power Limited announced that its steel production in April-May 2021 increased by 31% YoY to 1.371 million tonnes (April 0.681 million tonnes and May 0.690 million tonnes) as compared to 1.044 million tonnes in the April-May 2020. Steel sales also increased by 7% YoY to 1.058 April-May tonnes (April 0.559 April-May tonnes and May 0.499 April-May tonnes). However, slowdown in domestic construction activities due to COVID-19 and logistical challenges faced owing to congestion at ports due to adverse weather conditions resulted in sales growth lagging production growth. JSPL continues to take measures to offset the impact of slowdown in domestic demand by exporting in lucrative global markets. Exports accounted for 21% of sales volumes in April, with the share rising further to 36% in May.

As the country grapples with the second wave of COVID-19, The Company's firm belief in putting human lives ahead of economic gains has resulted in diversion of oxygen towards life saving measures, impacting production. JSPL has supplied close to 3500 tonnes of Liquid Medical Oxygen till date. With COVID-19 situation improving, JSPL remains confident of achieving FY22 production target of 8.0-8.5 million tonnes.

Source - Strategic Research Institute

voda 8 juni 2021 07:39

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ArcelorMittal Seeks EU's Consent to Buy Liberty Steel France

Business Standard reported that ArcelorMittal is seeking approval from European Union regulators after bidding to buy French steel assets from beleaguered tycoon Mr Sanjeev Gupta. According to European Commission documents, ArcelorMittal is planning to buy the majority of the shares in Liberty Steel France Holding SAS, which owns the Ascoval and Hayange plants. But to European Commission has not given a deal fast-track simplified status that would allow for a quick approval. The deadline for ruling on the deal is July 9.

Liberty Steel France Holding sought creditor protection in April amid financial distress at Mr Gupta’s GFG Alliance, which owns the assets. GFG’s steel arm, had said that it is taking prudent steps to explore sale options for these businesses after they faced a significant reduction in working capital support since the collapse of Greensill Capital.

Media reports last week said that Acciaierie Venete, ArcelorMittal, Beltrame, JSW and Saarstahl and two private equity firms are interested in acquiring Liberty Steel French units Ascoval and Hayange.

Hayange, near the German border, is considered a strategic national asset because it produces tracks for French railways and Parisian metros. Hayange produces between 250,000-300,000 tonnes of rails a year, most of them for France's state-owned railway company, SNCF. Ascoval operates an electric arc furnace for waste recycling.

Source - Strategic Research Institute

voda 8 juni 2021 07:41

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Metalloinvest to Develop Green Steel Projects in Belgorod Region

Metalloinvest and the Government of the Belgorod region signed an agreement around attracting investment for green metallurgy projects to help drive the sustainable socio-economic development of the region. As part of the agreement, Metalloinvest will invest over RUB 160 billion into the development of Lebedinsky GOK and Alexey Ugarov OEMK between 2021 and 2026. Metalloinvest CEO Mr Nazim Efendiev said “We are planning a record investment into the development of green metallurgy technologies. Lebedinsky GOK and OEMK will boast modernised and newly created facilities which will enable us to meet domestic and international demand for high quality iron ore and steel while also facilitating carbon footprint reduction. All investment projects will be implemented using the best available technologies with minimum environmental impact. More than 1,000 high-qualified jobs will be created.”

The agreement foresees the implementation of six investment projects at Metalloinvest’s enterprises in the Belgorod region

1. Construction of the technological section of the beneficiation plant at Lebedinsky GOK to increase production of high-quality iron ore concentrate

2. Construction of a flotation facility at Lebedinsky GOK for the beneficiation of iron ore concentrate

3. Construction of Blast Furnace #5 at Lebedinsky GOK for premium pellet production

4. Purchase of new equipment as part of the modernisation of the mining transportation division at Lebedinsky GOK

5. Construction of a new tailings dump at Lebedinsky GOK to enable the storage of tailings through modern environmentally efficient technology, as well as significant dust reduction

6. Comprehensive modernisation of DRI Plant #3, construction of Electric Arc Furnace #5 and Integrated Steel Processing Unit #4 at Alexey Ugarov OEMK to enable a reduction in production costs and environmental impact, and improve steel quality

The Government of the Belgorod region will assist Metalloinvest’s investment projects, including supporting efforts to raise funds for the construction and modernisation of external energy, transport, engineering and social infrastructure facilities.

Source - Strategic Research Institute

voda 8 juni 2021 07:41

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CoC Approves Tata Steel Mining Resolution Plan for Rohit Ferro-Tech

Tata Steel announced that its wholly owned subsidiary Tata Steel Mining Limited has been declared as the successful resolution applicant by the creditors of Rohit Ferro-Tech Limited. Tata Steel informed BSE "TSML has been declared as successful resolution applicant by the Committee of Creditors for acquisition of Rohit Ferro-Tech Limited on June 5, 2021, subject to it obtaining necessary regulatory approvals including approval from the National Company Law Tribunal."

Tata Steel also said that Tata Steel Mining Limited has accepted the Letter of Intent for acquisition of Rohit Ferro-Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.

Source - Strategic Research Institute

voda 8 juni 2021 07:42

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BSRM Steel Mills Merger with BSRM Approved

The Daily Star reported that Bangladesh Securities and Exchange Commission has approved the amalgamation of Bangladesh Steel Re-Rolling Mills and its sister concern BSRM Steel Mills. The BSEC approved the merger at a commission meeting, where it also gave the go-ahead to the amalgamation ratio of 1:0.288 following a High Court order.

BSRM will issue 6.25 crore shares to the shareholders of BSRM Steel Mills instead of 39.44 crore shares, which still have a face value of BDT 10. After the amalgamation, BSRM's paid-up capital will soar to BDT 298.58 crore from BDT 236 crore.

BSRM currently holds a 44.97% stake in BSRM Steel Mills.

BSRM's sales hit BDT 4,577 crore in fiscal 2019-20 and it logged profits of BDT 92 crore for the same period.

Source - Strategic Research Institute

voda 8 juni 2021 07:44

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Sponge Iron Maker Seek Preemption Policy for Iron Ore in Odisha

The Pioneer reported that faced with acute scarcity and sharp price hike of iron ore, steel industry bodies have urged the Odisha Government to restore the right of preemption under the Minerals Concession Rules 2016 to save the steel sector in the State. The Orissa Sponge Iron Manufacturers Association in a letter to the Government has highlighted the iron ore shortage and unprecedented rise of iron ore, which have severely affected the State-based steel units. OSIMA chairman Mr Yogesh Dalmia wrote “This has become impossible to source because of huge-scale inter-State export of iron ore outside the State, making it very challenging for Odisha-based end-use plants to secure ore availability at reasonable prices.”

He wrote “There is an urgent need to reinstate preemption rights of iron ore for State-based end-use plants and curtail the rampant diversion and export of precious iron ore outside Odisha, ensuring sustainable supply of usable ore for end use plants based in the State safeguarding livelihood of lakhs of Odia people. Restoration of preemption rights can not only save operating steel industries but also can help in improving the revenue for the State Government and employment opportunities for people of Odisha. This would also help in increasing investors’ confidence in State.”

Source - Strategic Research Institute

voda 8 juni 2021 07:44

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EVRAZ to Produce Green Steel Rails for RZD

Russian steel maker EVRAZ and Russian Railways RZD have agreed to join efforts in reducing GHG emissions through manufacturing and operating rails made of steel with a low carbon footprint. Green rails that EVRAZ is going to pioneer in Russia together with RZD will be manufactured from steel with a 75% lower carbon emission footprint as compared against the traditional blast furnace & converter technology. To deliver on that target, EVRAZ ZSMK will overhaul the resource base of its steel production facilities, adjusting the technologies and processes. The parties scheduled the first deliveries of new rails for 2023.

EVRAZ Chairman Mr Alexander Abramov said “EVRAZ is committed to values and approaches of sustainable development, focusing on climate stability and carbon footprint reduction. I am pleased to note that the long-standing partnership with RZD enables both our companies to develop their manufacturing and technological capabilities and contribute to the international efforts against climate change.”

RZD CEO Mr Oleg Belozerov said “Reducing carbon footprint and searching for zero environmental impact technologies are on top of the international agenda today. Together with our partners, we implement best sustainable practices, making railways and associated industries more environment-friendly.”

Source - Strategic Research Institute

voda 8 juni 2021 07:50

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Nucor to Acquire IMP Business from Cornerstone Building Brands

Nucor Corporation has signed a definitive purchase agreement to acquire Cornerstone Building Brands' Insulated Metal Panels business for a cash purchase price of USD 1 billion, or approximately 10x pre-pandemic EBITDA inclusive of expected synergies. Adjusting for the net present value of associated tax benefits, the realized effective purchase price for Nucor is approximately USD 900 million. The transaction is expected to close later this year, pending regulatory approvals.

IMP products are wall and roof panel solutions comprised of an energy efficient foam core sandwiched between two layers of steel or aluminum and are available in a variety of widths, thicknesses and exterior finishes. The IMP business Nucor is acquiring from Cornerstone Building Brands has seven manufacturing facilities located throughout North America. These locations complement the footprint of Nucor Buildings Group, as well as the company's existing IMP business, TrueCore. With this acquisition, Nucor will be purchasing two valued legacy brands, CENTRIA and Metl-Span, which provide a full range of products to service high-end architectural applications to more functional and quickly expanding cold storage and warehousing applications.

As companies and institutions continue to focus on environmental attributes, the superior insulation performance of IMP products reduces energy usage and overall operations-related GHG emissions. Additionally, IMP products are easier to install with lower maintenance costs versus other insulation solutions. The demand for IMP products is expected to build at double digit annual growth rates through this decade and is being driven by evolving consumer preferences regarding e-commerce and grocery delivery, as well as the expansion of data centers and server farms which all require temperature-controlled climates.

Moelis & Company LLC served as the exclusive financial advisor and Moore & Van Allen PLLC served as legal counsel to Nucor Corporation for this transaction.

Source - Strategic Research Institute

voda 8 juni 2021 07:51

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Metalloinvest Increases Exports from New Terminal in Ust-Luga

Russian steel maker Metalloinvest has shipped 2.2 million tonnes of export products from the terminal built by Ultramar at the Ust-Luga port in Leningrad region of Russia. An agreement on the construction of the port was signed at the St Petersburg International Economic Forum in 2019, the project was completed a year later. Expanding the Company’s export capabilities is of particular significance today, when the demand for high-quality iron ore raw materials is increasing in the midst of growing demand for first-rate steel and the tightening of environmental requirements.”

The contract for the transhipment of iron ore raw materials through the new terminal in Ust-Luga between Metalloinvest and Ultramar was signed during the St Petersburg International Economic Forum 2019. The agreement provided for the construction of a terminal, railway tracks, storage areas and a pier for Panamax-type vessels. In October 2020, the first product shipment was made from the port.

Source - Strategic Research Institute

voda 8 juni 2021 07:52

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Vietnam Denies Steel Price Stabilisation Fund Proposal

VNS reported that Vietnam’s Ministry of Industry and Trade has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses. Vietnam’s Deputy Minister of Industry and Trade Do Mr Thang Hai told that “From the end of 2020 until now, the price of raw materials for steel production has soared, causing a sudden increase in the price of steel products, affecting construction enterprises and their ongoing projects. The MoIT does not propose a stabilisation fund for steel prices.”

Earlier, experts and steel manufacturing enterprises came out as opposed to such a fund. A steel industry expert Mr Nguyen Van Sua told “A steel price stabilisation fund was incompatible with the principle of price management in a market economy because steel is not a commodity managed by the State. As steel prices increased due to the world price level, a stabilisation fund is not suitable.”

Economist Mr Ngo Tri Long said “The steel market has been competitive since 2012 and there is no reason to use the tools of the State for this market. Instead, to cool down steel prices, indirect tools such as taxes and trade should be used. Steel is not listed as a good subject to price stabilisation by law, so a proposal to build such a fund was not suitable.”

Source - Strategic Research Institute

voda 8 juni 2021 07:52

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US Steel Production Capacity Utilization Climbs Further in Week 22

American Iron & Steel Institute announced that in the week ending on June 5, 2021, US’s domestic raw steel production was 1,840,000 net tons while the capability utilization rate was 82.3%. Production was 1,258,000 net tons in the week ending June 5, 2020 while the capability utilization then was 56.2%. The current week production represents a 46.3% increase from the same period in the previous year. Production for the week ending June 5, 2021 is up 0.2% from the previous week ending May 29, 2021 when production was 1,836,000 net tons and the rate of capability utilization was 81.5%. Adjusted year-to-date production through June 5, 2021 was 39,546,000 net tons, at a capability utilization rate of 78.3%. That is up 12.1% from the 35,292,000 net tons during the same period last year, when the capability utilization rate was 69.5%.

Broken down by districts, here’s production for the week ending June 5, 2021 in thousands of net tons: North East: 139; Great Lakes: 646; Midwest: 193; Southern: 787 and Western: 75 for a total of 1840.https://www.ski-gmbh.com/files/Bilder/Ref-Bilder/Ref-hochofen.jpg

Source - Strategic Research Institute

voda 8 juni 2021 07:53

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Hoa Phat’s Steel Sale in Jan-May 2021 up by 57% YoY

Vietnamese steel maker Hoa Phat Group achieved a steel sale of 695,000 tonnes in May 2021, comprising of 324,000 tonnes of construction steel up 5% YoY & 225,000 tonnes of hot rolled coils. In the export market, Hoa Phat construction steel continued to achieve high output with 70,000 tonnes. Hoa Phat has limited the export of square billets to increase the product supply to the domestic market. The export volume of billet in May was 52,000 tonnes. Hoa Phat Group sold 30,000 tonnes of galvanized steel in May, increasing 2.8 times higher than the same period last year. Of which, the exports of galvanized steel reached nearly 20,000 tonnes, accounting for 65% of the total sale volume. Also in May, the sale of steel pipe reached 63,000 tonnes, reducing 10 per cent from the corresponding period last year due to affects from the COVID-19 pandemic.

In the first five months of the year, Hoa Phat Group produced nearly 3.4 million tonnes of crude steel, representing 56.5% YoY increase. The steel sales were 3.7 million tonnes including steel billet, construction steel, hot rolled coil, steel sheet and steel pipe, increasing 70% from the same period last year. Of which, the construction steel sale was 1.6 million tonnes, up 27.5%. The sale of square steel billets, in both domestic and foreign markets, was the same to may last year to reach 576,000 tonnes. Hoa Phat Group provided 1.1 million tonnes of hot rolled coil steel to the local market in the January-May period. HRC's downstream products such as steel pipes and galvanized sheet recorded high growth, reaching 334,000 tonnes and 123,000 tonnes respectively, up 21% and 270% over the same period.

Hoa Phat Group has been the largest steel producer in Vietnam with a scale of 8 million tonnes a year. The group targets an output of five million tonnes of finished construction steel and steel billet; 2.7 million tonnes of HRC; 920,000 tonnes of steel pipes and over 300,000 tonnes of galvanized steel in 2021.

Source - Strategic Research Institute

voda 8 juni 2021 07:56

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Vale Closes Timbopeba Iron Ore Mine Near Xingu Dam Area

Reuters reported that Brazilian iron ore mining giant Vale has interrupted production at its Timbopeba mine and part of its Alegria mine after prosecutors ordered the evacuation of an area around the nearby Xingu dam in the state of Minas Gerais reducing its output by 40,000 iron ore tonnes a day. The company also stopped traffic on the Fabrica Nova railroad, which usually transports iron ore produced at Usina Timbopeba. Timbopeba was closed temporarily, reducing production by 33,000 iron ore tonnes a day. Vale said "The company is working to resume operations, focusing on the safety of employees and surrounding communities.”

Vale’s iron ore output totaled 68 million tonnes in Q1 of 2021, 14.2% higher than in Q1 of 2020. The year-on-year growth was in part attributed to the gradual resumption of halted operations in Timbopeba. The miner maintains its full-year guidance of between 315-335 million tonnes of iron ore for 2021.

Source - Strategic Research Institute

Bijlage:

voda 8 juni 2021 16:18

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ArcelorMittal pledges $10M in Heliogen

Jun. 08, 2021 5:43 AM ETArcelorMittal (MT)By: Niloofer Shaikh, SA News Editor

With a view to achieve carbon neutrality by 2050, ArcelorMittal (NYSE:MT) has invested an initial $10M in Heliogen, a renewable energy technology company focusing on ‘unlocking the power of sunlight to replace fossil fuels’.
Heliogen’s technology will harness solar energy by using a field of mirrors to capture sunlight for converting into heat, electricity or clean fuels.

The company has also signed a Memorandum of Understanding for evaluating the potential of Heliogen’s products in several of it’s steel plants.

Commenting, Pinakin Chaubal, Chief Technology Officer, ArcelorMittal, said: “Developing and deploying breakthrough technologies is at the heart of our climate action strategy. While our own efforts are progressing well, the objective of our XCarb™ Innovation fund is to extend our reach and support companies developing technologies which could assist us on our decarbonisation journey. The technology Heliogen is developing has the potential to do exactly that.

Now read: ArcelorMittal declares $0.30 dividend

--------------------------------------------------------------------------------

ArcelorMittal makes first investment through its XCarb™ innovation fund
Jun. 08, 2021 2:00 AM ETGlobeNewswireArcelorMittal (MT)
Initial $10 million investment part of broader partnership established with Heliogen

8 June 2021, 08:00 CET

ArcelorMittal (‘the Company’) today announces the completion of its first XCarb™ innovation fund investment since launching the initiative in March 2021. The Company has invested an initial $10 million in Heliogen, a renewable energy technology company which focuses on ‘unlocking the power of sunlight to replace fossil fuels’.

Heliogen’s technology will harness solar energy by using a field of mirrors which will act as a multi-acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat (HelioHeat™), electricity (HelioPower™) or clean fuels (HelioFuel™).

All three Heliogen products have the potential to be applicable to the steelmaking process and support the steel industry’s transition to carbon-neutrality. HelioHeat™, for example, could be used to increase the temperature of air blown into a blast furnace, offsetting the use of fossil fuel. The Heliogen technology will also be capable of creating 100 per cent green hydrogen, which Heliogen is working to develop as its first HelioFuel™. Hydrogen sits at the heart of ArcelorMittal’s Innovative-DRI technology pathway, which involves using hydrogen instead of natural gas as the reductant in the production of direct reduced iron.

In addition to the $10 million investment, ArcelorMittal and Heliogen have signed a Memorandum of Understanding which aims to evaluate the potential of Heliogen’s products in several of ArcelorMittal’s steel plants.

Commenting, Pinakin Chaubal, Chief Technology Officer, ArcelorMittal, said:

“Developing and deploying breakthrough technologies is at the heart of our climate action strategy. While our own efforts are progressing well, the objective of our XCarb™ Innovation fund is to extend our reach and support companies developing technologies which could assist us on our decarbonisation journey. The technology Heliogen is developing has the potential to do exactly that.

“Moreover, the partnership we have established with Heliogen goes beyond investment. The MoU we have signed means we are actively exploring working with them to deploy their technologies in our steel plants, enhancing our ongoing programme of decarbonisation initiatives. Establishing partnerships of this kind has an important role to play in ensuring we succeed in our ambition to lead our industry’s efforts to decarbonise, and reach carbon-neutrality by 2050.”

Bill Gross, CEO and Founder, Heliogen, added:

“The future of our planet and civilization hinges on the global economy’s ability to shift from its reliance on fossil fuels to clean, renewable energy. We founded Heliogen to eliminate the need for fossil fuels in all sectors of the economy and to empower a sustainable future. We’re thrilled to welcome ArcelorMittal as an investor in the company.”

“We’re also excited to begin working with ArcelorMittal to explore how our technology can support its significant decarbonization efforts. Heliogen’s Sunlight Refinery™, which will cost-effectively deliver 24/7 carbon-free energy in the form of heat, electricity, or hydrogen fuels at scale for the first time in history, was designed for use by a spectrum of industries, including steel. Together, ArcelorMittal and Heliogen can meaningfully help the world achieve carbon neutrality.”

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