Voestalpine is currently investing around 1.5 billion euros in Linz and Leoben-Donawitz in order to be able to put an electric arc furnace into operation from 2027. Now there was also support from the European Investment Bank when it came to decarbonisation.
From the federal government’s transformation fund, voestalpine will receive a financial injection of 90 million euros, which will be used for the construction of the electric arc furnaces in Linz and Leoben-Donawitz.
In addition, the production of green steel is receiving more and more impulses: the European Investment Bank, or EIB for short, is providing the steel group operating from Upper Austria with a loan of 300 million euros. The deal has a term of four years, i.e. until 2028, and supports research and development in this area.
By 2027, 1.5 billion euros will be invested in Linz and Leoben
voestalpine has decided to be climate neutral by 2050. An important step is the conversion of classic blast furnaces to electric arc furnaces. As a first step, the steel giant is investing 1.5 billion euros in Linz and Leoben-Donawitz.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
