Replacing heavy-polluting traditional steel with “green steel” has taken a major leap forward this week, and while one breakthrough is from a private company, it has drawn the investment of global metals giant ArcelorMittal.
Private Boston Metal on Friday announced a $120 million investment from the world’s second-largest traditional steelmaker, ArcelorMittal MT . And Microsoft’s MSFT climate-technology fund is pitching in, too. Boston Metal will expand production at a pilot plant in Woburn, Mass., near Boston, and help launch commercial production in Brazil. The company uses renewable electricity to convert iron ore into steel and the investment may just boost the scalability that has held green steel back.
“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,” he said. “ ‘We believe we have the experienced team, strong financial backing and the innovative technology required to disrupt the industry.’ ”
Several industry alliances are working to speed things up. A non-profit called ResponsibleSteel, for example, brings together stakeholders along the supply chain — mining to finished steel products — to cooperate on greener steel.
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