EU clears French and German state aid for steelmakers
Last updated on: 20 July,2023 03:42 pm
Move aimed at curbing carbon emissions
PARIS/FRANKFURT (Reuters) – The European Commission on Thursday cleared two major subsidy packages by France and Germany to support their top steelmakers - ArcelorMittal and Thyssenkrupp Steel Europe respectively – in their efforts to reduce carbon emissions.
The commission said it approved Germany's 550 million euro ($616m) direct grant and a conditional payment mechanism of up to 1.45 billion euros to support ThyssenKrupp Steel Europe.
It also approved an 850m euros package Paris had put in place for ArcelorMittal, Europe's largest steelmaker, highlighting Brussels' efforts to help industry on the continent decarbonise production and remain competitive with rivals.
"This will contribute to the greening of one the most polluting sectors, while helping reduce Germany's dependence on imported fossil fuels and develop the renewable hydrogen value chain in the EU," said EU antitrust chief Margrethe Vestager.