One of the world's largest steel-making companies, ArcelorMittal, has given a $120 million funding boost to Boston Metal, a company that is focusing on de-carbonizing the steel industry. They do this through the use of their "one-step decarbonization technology" which uses clean energy to produce "green steel". In addition to using clean energy, the technology also eliminates the need for the use of hazardous chemicals or precious-metal catalysts. They don't even need to process water. All of these factors make the technology incredibly environmentally friendly when compared to current methods used within the steel industry.
“Our technology is designed to decarbonize steel production at scale. We believe we have the experienced team, strong financial backing, and the innovative technology required to disrupt the industry. ArcelorMittal’s support further reinforces our capacity to lead the green steel revolution,” explains the CEO of Boston Metal,Tadeu Carneiro.
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The investment from ArcelorMittal will help the company to further expand its technology in an effort to decarbonize the steel industry and fight back against the use of greenhouse gas emissions — which is currently a big problem within the steel industry.