Europe granted €10.5 bln for decarbonization of the steel sector in 2023-2024
Up to 70% of total funds (€7.0 bln) released by Germany
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Update over the last 6 months, according to official publications and media:
- Stahl-Holding-Saar may receive support from the German Government in the amount of €2.6 billion
- H2GS received a €250 million grant from the Innovation Fund
- LKAB received a grant equivalent to €270 million from the Swedish Energy Agency as part of the HYBRIT project
- ArcelorMittal Bremen and ArcelorMittal Eisenhüttenstadt received a grant of €1.3 billion as part of the German Recovery and Resilience Plan, the possibility of allocating €2.5 billion was previously discussed.
- Tata Steel received a support package from the UK Government for the Port Talbot plant in the amount equivalent to €580 million, previously discussed the possibility of allocating €880 million.
- British Steel may receive support in an amount similar to the Tata Steel Port Talbot project, the possibility of allocation of €380 million was previously discussed.
Other European steelmakers also expect to receive state assistance for decarbonization. For example, Voestalpine and Tata Steel Ijmuiden submitted applications for public funding, but any official decisions hasn’t released yet. It is likely that the change of investor in Acciaierie d’Italia is preventing decisions on the allocation of specific funding from the Italian government. Also, there is no publicly available data on state support of decarbonization to the Liberty Galati and Liberty Ostrava.
