Germany regrets Arcelor's decision to halt carbon-neutral steel production
BERLIN, June 20 (Reuters) - Germany's economy ministry on Friday expressed regret over ArcelorMittal's (MT.LU), opens new tab decision not to proceed with two key hydrogen steel projects in Germany, foregoing government help amounting to 1.3 billion euros ($1.5 billion).
"It is important to note that no money has yet flowed. This means that no money has to be reclaimed," the ministry said in an emailed statement.
ArcelorMittal said it had dropped plans to convert two plants in Germany to carbon-neutral production because the country's energy costs were too high.
($1 = 0.8687 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
39 minutes ago
- Reuters
Macron calls for Europe to ramp up investment in space
PARIS, June 20 (Reuters) - French President Emmanuel Macron threw his weight behind plans for a unified European satellite manufacturing champion and called for accelerated deployment of satellites, as he set out a new space strategy at the Paris Airshow on Friday. Speaking after France moved to take control of satellite operator Eutelsat ( opens new tab, Macron called for accelerated efforts across the board from launch to satellite manufacturing and Starlink-like services as he declared space the next "gauge of power".
Reuters
39 minutes ago
- Reuters
Swiss to spend $329 million to support Geneva as diplomatic hub
ZURICH, June 20 (Reuters) - Switzerland will spend 269 million Swiss francs ($329.37 million) to support Geneva as a hub for international diplomacy, the government said on Friday, amid growing financial pressure on global institutions hit by spending cuts and lower donations. The money, which will cover the period of 2026 to 2029, comes as international organisations based in city face increasing competition from other cities to host them. Bern said it was making the funding available to reaffirm the "central role of international Geneva in Swiss foreign policy and its unique role in global governance." Geneva is a hub for global diplomacy, hosting more than 40 international organisations, including the United Nations, World Health Organisation, and the World Trade Organisation. In recent months, cuts in contributions or suspension of payments by individual member states have led to serious liquidity bottlenecks at international organisations. Numerous institutions based in Geneva have been forced to drastically reduce their budgets, cut staff or even consider relocating abroad, the government said. ($1 = 0.8167 Swiss francs)
BreakingNews.ie
an hour ago
- BreakingNews.ie
Europe's Trade Commissioner has ‘productive engagements' over US deal
Europe's Trade Commissioner says he has had a series of productive engagements throughout the week with his US counterpart. On social media, Maroš Šefčovič says no time or effort spared - their focus is on securing a forward looking deal. Advertisement Both sides are under pressure to reach a deal before July 9th, when a series of reciprocal tariffs are due to come into force. A series of productive engagements throughout this week with @USTradeRep Ambassador @jamiesongreer and Secretary @howardlutnick . No time or effort spared - our focus and priority remain clear: securing a forward-looking deal. — Maroš Šefčovič🇪🇺 (@MarosSefcovic) June 20, 2025 It comes as European shares rose on Friday after declining for three straight sessions, as a stall in the United States' involvement in the Middle East conflict helped soothe investor concerns. The pan-European STOXX 600 was up 0.6 per cent at 538.85 points. The benchmark is set to log a second consecutive weekly fall. Israel and Iran's air war entered a second week and European officials sought to draw Tehran back to the negotiating table. Advertisement The White House said President Donald Trump will decide within the next two weeks about whether to join Israel in the war. That helped improve market sentiment, spurring some interest in risk assets that were sold off earlier in the week on uncertainty around how long the conflict would go on. "The investors are taking a little bit more risk on their shoulders... it is perhaps because the U.S. is now giving itself two weeks and maybe some diplomatic opening window there to resolve the situation in Iran," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. Banks rose 1.3 per cent, leading broader gains. Travel and leisure stocks SXTP were also up 1.3 per cent, led by a 4.8 per cent gain in Europe's largest travel operator TUI after Barclays upgraded the stock to "overweight" from "underweight". Advertisement Conversely, energy shares SXEP were at the bottom of the index with a 0.3 per cent decline but were headed for a weekly gain. Ireland Tariffs and gender-based violence on agenda for No... Read More Investors also remain wary of the approaching July 8th tariff-pause deadline, with little progress on trade deals with Washington. European Commission President Ursula von der Leyen is still aiming to reach a deal by July 9th. "Geopolitical tensions are kind of hiding the other worries in the market, which are trade negotiations being delayed with the U.S. occupied with what to do with the Middle East," said Ozkardeskaya. Trump's tariffs have been a source of turmoil and volatility in the last few months, and have already begun to upend global supply chains and threatened economic growth. Additional reporting Reuters
