France, ArcelorMittal Agree On $2 billion Investment To Cut French Plant Emissions

France and steelmaker ArcelorMittal have agreed on a 1.8 billion-euro ($1.97 billion) investment to cut greenhouse emissions at a steel plant in Dunkirk, northern France, finance ministry officials said on Sunday.

The French government’s subsidy package, which could be up to 850 million euros, had already been cleared by the European Commission and is part of President Emmanuel Macron’s strategy to cut emissions at France’s 50 most polluting sites.

The money will finance electric furnaces and a direct reduction plant, which will cut French carbon emissions from the industrial sector by 5.7%, the finance ministry said in a statement.

(Reporting by Gilles Guillaume, writing by Michel Rose; Editing by Sharon Singleton)