ArcelorMittal, the world's largest steelmaker, has deferred all new electric-arc furnace investments until its €1.3 billion Dunkirk project nears completion around 2029. The company also cut its 2030 emissions reduction target from 25% to 10%, citing high European energy costs. Its headline 47% carbon reduction since 2018 stems largely from selling off its dirtiest plants, not from greening existing operations.