The Flemish Government is set to increase its financial backing of steel multinational ArcelorMittal’s Ghent division from €350m to €600m, according to Finance Minister Matthias Diependaele (N-VA).
This investment will be made through loans via Finocas, a joint venture between the steelmaking company and the Flemish Region. The funding aims to decarbonise the steel mill, supporting ArcelorMittal Ghent’s goal of achieving carbon neutrality by 2050.
Diependaele emphasised that this move formed part of a broader plan to make the steel industry more sustainable in Flanders. He highlighted how the investment would help ensure the future of the site in Ghent, thereby continuing to solidify its leading role in the steel industry and strengthen its competitive position.
Over the course of this year, ArcelorMittal will decide where additional investments will be made. An ongoing study is calculating costs for both Ghent and Dunkirk in France.
Diependaele is confident that Flanders has a strong chance to win: "With other investments and previous subsidies, this capital increase allows us to build a good case for Flanders. We can therefore compete with Dunkirk and strive to secure jobs at ArcelorMittal Ghent."
