ArcelorMittal Europe Flat Products and Gonvarri Industries have signed a Memorandum of Understanding to cooperate more closely on reducing CO2 emissions and strengthening both companies’ sustainability performance in the automotive market. The agreement focuses on the two companies working on common sustainability projects, including the use of ArcelorMittal’s XCarb reduced and low-carbon products, as well as identifying ways to strengthen the circular economy both within and beyond the manufacturing and purchase of steel products.Gonvarri Industries is a leading company in flat steel processing with annual production of around 5 million tonnes of processed steel and is a major customer of ArcelorMittal Europe Flat Products.In 2020, Gonvarri Industries committed to reducing its Scope 1 CO2 emissions by 50% by 2030, as well as operating solely using renewable electricity, as part of a commitment to reducing Scope 2 emissions by 100% by 2030. The company has further committed to carbon neutrality by 2050. Gonvarri’s Carbon Neutral Plan 2030/2050 is incorporated into the company’s decision-making, business strategy, management and performance metrics. Working with suppliers such as ArcelorMittal is part of the company’s strategy to accelerate the reduction in CO2 emissions, specifically Scope 3 emissions (indirect CO2 emissions produced in the company’s supply chain).ArcelorMittal Europe has a target to reduce its CO2 emissions by 35% by 2030, and to reach carbon neutrality by 2050. In 2021, the company launched XCarb, an umbrella brand for all its low and zero-carbon initiatives. This includes XCarb green steel certificates, which can be purchased by customers to reduce their Scope 3 GHG emissions, and XCarb recycled and renewably produced, steel made using a very high proportion of steel scrap and 100% renewable electricity.