BOSTON--(BUSINESS WIRE)--Boston Metal, a company developing technology to fully decarbonize steel production, today announced the $120 million first close of Series C fundraising led by multinational steel company, ArcelorMittal S.A. (NYSE: MT). Microsoft's Climate Innovation Fund and SiteGround Capital also joined as new investors in this round, alongside current investors.ArcelorMittal’s lead investment was made through its XCarb® Innovation Fund. Commenting, Aditya Mittal, CEO, ArcelorMittal, said, “In Boston Metal, we are investing in a team that has made impressive progress over a relatively short period of time, developing a technology that has exciting potential to revolutionize steelmaking. In our extensive discussions with them, we have been impressed by the passion and vision they have to contribute to the decarbonization of steelmaking. They are an exciting and welcome addition to the XCarb® Innovation Fund’s portfolio.”Boston Metal’s patented Molten Oxide Electrolysis (MOE) process is being commercialized to produce both green steel and high-value metals, such as tin and niobium

McCormick is also an investor in ArcelorMittal, a multinational steel company that competes with the Pittsburgh-based U.S. Steel — via a revocable trust, a type of trust that can be amended during life and that is often used to manage assets and avoid probate at death.