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€300 million for green steel production at Voestalpine

€300 million for green steel production at Voestalpine

Linz. Voestalpine receives a €300 million loan from the European Investment Bank (EIB) for research and development in green steel production.

The European Investment Bank announced the loan on Monday, July 1. The funds are earmarked for the company’s four-year research and development (R&D) programme to improve manufacturing processes, save energy, use raw materials more efficiently and extend the life of its products. Overall, voestalpine has set itself the goal of significantly reducing its environmental and CO2 footprint by 2030 and becoming climate-neutral by 2050.

Thomas Osterus, EIB Vice President overseeing the bank’s financing in Austria: “Steel production accounts for a significant proportion of global CO2 emissions. At the same time, it is the basis for the competitiveness and technological leadership of European industries and employs millions of workers across Europe. We therefore need to find ways to produce iron and steel more sustainably, and this can only be done through research and development. I very much welcome our new cooperation with voestalpine. It helps the company decarbonise while continuing to produce high-quality products.

The EIB provides long-term financing for projects and advises borrowers in order to support EU objectives. Its shareholders are the EU Member States. The state of Upper Austria is currently examining whether a regional light rail is eligible for an EIB loan.

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