04:31 AM EST, 11/26/2024 (MT Newswires) -- ArcelorMittal ( MT ) said it is slowing its carbon reduction plans in view of geopolitical and market shifts..

The steelmaker said "European policy, energy, and market environments have not moved in a favourable direction," citing the slow evolution of hydrogen power, diminishing European Commission funding, and a trade environment favoring cheap imports from China. "There is limited willingness among customers to pay premiums for low-carbon emissions steel," the company said.

The company said it is putting a hold on plans to build lower carbon "hydrogen-ready" facilities to replace several blast furnaces in Europe.

"Before taking final investment decisions it is necessary to have full visibility on the policy environment that will ensure higher cost steelmaking can be competitive in Europe without a global carbon price," the company said.

The company said its commitment to achieve net-zero carbon emissions by 2050 remains.