In its third-quarter earnings report released on November 6, ArcelorMittal set a clear boundary for advancing its European decarbonization projects: access to affordable energy must be guaranteed as a prerequisite. 

The company welcomed the EU's plans to strengthen steel trade protections, but it remained cautious about restarting suspended decarbonization projects in countries such as Germany, France, and Belgium.

The company emphasized that these projects would be evaluated on their own merits and implemented step by step, even if the market stages a strong recovery by 2026. 

The only current progress is in Spain, where its electric arc furnace steelmaking projects are proceeding as planned. 

ArcelorMittal stressed that access to competitive energy will be the decisive factor in prioritizing future investments in its European operations.