Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry

Removing molten iron from a pilot scale facility at the Boston Metal facilities in Woburn, Mass.

Photo courtesy Boston Metal

The $1.6 trillion steel industry is the backbone of the modern world. It’s also a significant contributor to global warming, representing between 7% and 9% of global carbon dioxide emissions, according to the World Steel Association.

That’s why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft, are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel.

“There is no economy, there is no infrastructure without steel,” Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. So when it comes to decarbonizing industry…

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