ArcelorMittal, the world’s second largest steelmaker, said it would be delaying plans to replace its coal fired blast furnaces with hydrogen powered facilities, citing a lack of EU support

ArcelorMittal (NYSE: MT), the world’s second-largest steelmaker, is delaying plans for transitioning to low-carbon steel production, blaming insufficient policy clarity and support from the European Union for its decision.

Last April, ArcelorMittal received €450 million from the Spanish government to produce green steel using hydrogen-powered furnaces instead of coal. At the time, Madrid said the subsidy went directly to ArcelorMittal as it was the only company in Spain capable of manufacturing green steel.

ArcelorMittal , the world's second-largest steelmaker, said on Friday it is delaying planned green investments, blaming uncertainties over European Union regulatory directives.