ArcelorMittal's €1.8B French Green Steel Push: New Dunkirk EAF, Electrical Steel Lines, and a 2027 Testing Target

ArcelorMittal is putting €1.8 billion into French steelmaking, with most of the attention on a new electric arc furnace at Dunkirk and expanded electrical steel capacity. The company also targets initial testing at Mardyck in spring 2027. Those are concrete milestones, and they matter because EAF production can cut CO2 intensity sharply when fed by scrap or DRI, while electrical steel is a higher value product used in motors, transformers, and EVs. The bigger question is execution and demand. Heavy transition capex can weigh on free cash flow if timelines slip or costs overrun, and the green steel premium only works if buyers actually pay for lower embedded carbon. For anyone tracking steel decarbonization, this is a useful signal of how far ArcelorMittal is willing to go, but the 2027 testing date is the first real checkpoint.