Boston Metal, a clean steel technology company spun out of MIT, announced it has raised $120M in new funding led by global steel giant ArcelorMittal and with involvement from Microsoft.  Boston Metal developed a new way of making clean steel. More: In 2013, MIT professors Donald Sadoway and Antoine Allanore published a paper with lab results showing that it is possible to produce steel without releasing carbon dioxide emissions. Later that year, they launched the Boston Electrometallurgical Corp. to scale and commercialize the technology. Other investors in Boston Metal include Bill Gates through his climate venture firm Breakthrough Energy Ventures, Prelude Ventures, Piva Capital, and SiteGround Capital. In 2018, Breakthrough Energy Ventures and the National Science Foundation led Boston Metal’s $20M Series A funding round. According to the World Steel Association, the steel industry generates about $1.6T in revenue annually and accounts for 7% to 9% of global carbon dioxide emissions.