ArcelorMittal commits to cooperation on Equinor-led carbon capture and storage project to reduce CO2 emissions

ArcelorMittal, the world’s leading steel and mining company, has signed a memorandum of understanding with international energy firm Equinor to develop value chains in carbon capture and storage.

Equinor is a partner in the Northern Lights project, together with partners Shell and Total, which includes transport, reception and permanent storage of CO₂ in a reservoir in the northern part of the North Sea.

ArcelorMittal committed to the project with Equinor at a ceremony in Oslo, where the European Commission is hosting a High-Level Conference on Carbon Capture and Storage (CCS) together with the Norwegian Ministry of Petroleum and Energy. Today, memorandums of understanding have been signed between Equinor and ArcelorMittal, as well as Air Liquide, Ervia, Fortum Oyj, HeidelbergCement AG, Preem, and Stockholm Exergi.

As part of the project, ArcelorMittal – which has an ambition to be carbon neutral by 2050 within Europe - has committed to a number of joint activities including the development of logistics, exploring potential commercial models, and advocating on the topic of carbon capture and use (CCU) and CCS, as an important part of the successful decarbonisation of European industry. The company’s primary role will be the capture of CO₂ gas from its blast furnaces.

At the end of 2019, the partnership plans to drill a wildcat well for CO₂ storage in the Johanson formation covered by the Aurora licence (EL001) to study the reservoir’s suitability and capacity for CO₂ storage.

Final commercial agreements will depend on positive investment decisions for the Northern Lights project, the Norwegian State’s full-scale carbon capture and storage project and for third-party projects, with possible investment decisions to be made in 2020.

ENDS

About ArcelorMittal

ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.

Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.

For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.

We are one of the world’s five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.

In 2018, ArcelorMittal had revenues of $76.0 billion and crude steel production of 92.5 million metric tonnes, while own iron ore production reached 58.5 million metric tonnes.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).