Final Thoughts
ArcelorMittal Leads $120M Investment in Boston Metal
January 27, 2023
Boston Metal has announced $120 million in funding for its effort to fully decarbonize steel production.
The Woburn, Mass.-based company said the first close of Series C fundraising was led by an investment from international steelmaker ArcelorMittal. Other investors include Microsoft’s Climate Innovation Fund and SiteGround Capital.
“In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking,” ArcelorMittal CEO Aditya Mittal said in a statement.
ArcelorMittal’s lead investment was made through its XCarb® Innovation Fund, according to the statement.
Boston Metal said its patented Molten Oxide Electrolysis (MOE) process is being commercialized to produce both green steel and high-value metals, such as tin and niobium.
The Series C funds will expand the production of green steel at the company’s pilot facility outside Boston. It will also support the site selection and preliminary design of the company’s first green steel plant, Boston Metal added.
The company said the money would in addition support the construction and commissioning of a manufacturing facility for high-value metals at its Brazilian subsidiary, Boston Metal do Brasil.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Final Thoughts
Final Thoughts
Sometimes new presidential administrations hit the ground running. No time for change like the present. And sometimes new administrations blast off on a SpaceX rocket bound for Mars. There’s a big universe, and we’ve got a lot of flags to plant. Such seems to be the case with the new Trump administration.
Final Thoughts
What’s been the impact of tariff threats on prices and demand? In short, not much – or at least that was the case when I was writing this column on Sunday afternoon. Spot activity for Canadian material, for example, has been put on hold over the last few weeks while the market waits to see what the new tariff landscape might look like.
Final Thoughts
Next Monday marks the start of the second Trump administration. The limbo we’ve been living in since Election Day in early November will finally come to an end. What better way to take a look at what’s coming up in Washington, D.C., than a conversation with Steel Manufacturers Association (SMA) President Philip K. Bell. He […]
Final Thoughts
It’s another week of big headlines and ho-hum pricing moves – which is to say the start of 2025 is looking a lot like the end of 2024. Scrap has settled up $20 per gross ton (gt). Steel prices, however, were a soft sideways this week. Chalk it up to uneven demand and abundant supply. And while we’re not aware of any major outages, some of you tell us that you’ve lost some shipping days here and there because of the recent cold snap.
Final Thoughts
I wrote in a Final Thoughts a few years ago that it seemed all the swans were black. More recently, I’ve been asked by some of you what the wildcards are for 2025. You could probably make the case that all the cards are wild now.