voestalpine Supervisory Board approves EUR 1.5 billion for further decarbonization
A year ago, the Supervisory Board of voestalpine AG gave the green light to conduct the preliminary work for climate friendly steel production in Austria. This is now at an advanced stage. Now the next approval stage has been reached. An investment of around 1.5 billion euros is being made into constructing one electric arc furnace at each of the two sites, Linz and Donawitz. As part of its “greentec steel” plan, the plant and supplier decision will be made in 2023, construction will start in 2024, and commissioning of the two units will take place in 2027. This will allow the Group to reduce its CO2 emissions by up to 30 percent from 2027. The exact start of implementation depends on clarifying unresolved funding issues in Austria.