European green steel makers are securing funding – and big...

European green steel makers are securing funding – and big customers - for production plants - Energy Post

"European steel makers are leading the way in building the first green steel production plants. The big step forward is the securing of finance from a range of private and public banks and credit guarantors, says Soroush Basirat at IEEFA. Swedish start-up H2 Green Steel and industry leaders Thyssenkrupp and Salzgitter are now set to spend billions, while pre-sales to and commitments from BMW, Miele, Mercedes and Ford are helping to create the demand. An estimated €1.35tn ($1.4tn) is required to decarbonise the global iron and steel sector by 2050, so green finance is essential for this industry’s transition. The “Sustainable STEEL Principles” is a new framework for banks to work with steel producers towards alignment with climate targets, and $23bn has already been committed.

The first green steel production movers are now backed by banks and credit guarantors. Europe is leading the way as it continues to shift from announcements and pilot projects to investment and funding decisions. Demand for fossil-free steel could spur more financial institutions to support green steel projects."

Me thinks if there are NEW production plants.... then confucious says there is demand for high grade magnetite....