KEY POINTS
  • The steel industry brings in revenue of about $1.6 trillion a year and represents between 7% and 9% global carbon dioxide emissions, according to the World Steel Association.
  • On Friday, the clean steel technology company Boston Metal, which spun out of Massachusetts Institute of Technology announced a $120 million funding round, led by the international steel giant ArcelorMittal and with participation from software behemoth Microsoft.
  • Bill Gates' investment fund, Breakthrough Energy Ventures, has previously invested in Boston Metal.
Removing molten iron from a pilot scale facility at the Boston Metal facilities in Woburn, Mass.

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.