Biggest steelmaker sets up "green" funds

Bloomberg News
Published: July 11, 2008

ArcelorMittal, the world's biggest steelmaker, set up two funds to invest in so-called clean-energy technology like solar power to help it meet European Union rules on cutting emissions of greenhouse gases.
The company's venture capital fund will invest $20 million in the U.S. solar panel developer Miasole, the Luxembourg-based steelmaker said Friday in an e-mailed statement. Its carbon fund will have an initial €100 million, or $158 million, to invest in renewable energy and greenhouse-gas reducing technologies.
Steelmakers are seeking cleaner sources of energy to comply with government policies to curb climate change. The 27-nation EU aims to cut greenhouse-gas emissions by 21 percent in the 15 years from 2005. ArcelorMittal will work with venture capital firms including Bessemer Venture Partners and Khosla Ventures.