Luxembourg-headquartered steelmakerArcelorMittalhas announced that its subsidiaryArcelorMittalEurope’s Flat steel division and Spain-based Gonvarri Industries have signed a memorandum of understanding to cooperate more closely on reducing carbon emissions and strengthening both companies’ sustainability performance in the automotive market.
The agreement focuses on the two companies working on common sustainability projects, including the use ofArcelorMittal’s XCarb steel, as well as identifying ways to strengthen the circular economy.
Gonvarri Industries, which has annual production capacity of around 5 million mt of processed steel, andArcelorMittalEurope are committed to carbon neutrality by 2050.