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Vulcan’s owner to acquire Czech steel mill: India’s Jindal Steel Group is acquiring 100% of Czech steel mill Vitkovice Steel, according to a statement. The acquisition includes a EUR 150 mn investment aimed at modernizing and expanding Vitkovice’s production capabilities.
The two companies have history: The move comes after Jindal and Vitkovice Steel signed a binding MoU last Spring that would see Jindal supply the company with 1 mn ton of low-emission steel gates, an essential input in the production of green steel sheets to be made in Jindal’s subsidiary in Oman Vulcan Green Steel.
Jindal is active in the region: India’s Jindal Steel Group subsidiary Vulcan Green Steel broke ground on Oman’s first green steel plant in the Duqm Special Economic Zone last year. The USD 3 bn plant will have a capacity of 5 mn metric tons annually. It also signed an agreement last year with OQ’s renewables unit OQ Alternative Energy to establish a 3 TW integrated renewable energy generation project.
Germany selects first recipients of decarbonization subsidies: The German government has allocated EUR 2.8 bn (c. USD 3 bn) to support 15 industrial companies in their efforts to decarbonize their operations, Reuters reports. The companies, including BASF and Suedzucker, will receive 15-year subsidies to reduce carbon emissions in sectors like glass, paper, and chemicals. The subsidies will help keep energy-intensive companies competitive by covering the extra costs of green production and are set to offset some 17 mn metric tonnes of CO2.
This has been in the works: Germany launched the bidding process for subsidies worth EUR 4 bn to help energy-intensive industries transition to green production in March. Despite initial plans for larger subsidies, the program was scaled back due to legal constraints on government spending for climate projects.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- UN-backed platform to aid small farmers in meeting EU deforestation rules: The International Trade Centre (ITC) – a JV between the UN and the World Trade Organization – has launched the Deforestation Free Trade Gateway platform to advise small farmers in developing countries on how to comply with European deforestation rules. The move comes after calls from global industries and some EU and non-EU countries to reconsider the rules over concerns that they would “exclude” small-scale poorer farmers from the market, disrupt supply chains, and increase prices. (Reuters)
- Brazil’s Petrobras + Vale eye decarbonization partnership: Brazil’s state-owned energy firm Petrobras is considering partnering with Brazilian miner Vale to help each other lower carbon emissions. The cooperation may include Petrobras providing the mining company with marine fuel and diesel, which the oil company currently produces with 24% renewable content and 5%, respectively. (Reuters)
- Nearly two-thirds of EU’s water bodies are in poor condition: Water scarcity affects nearly a third of the EU’s population annually, with two-thirds of the continent’s water resources in poor condition, a European European Environment Agency report (pdf) said. This rising water stress threatens key industries like textiles and agriculture, and amplifies the harmful impacts of extreme weather. (Financial Times)
