Boston Metal secured $120M in Series C funding led by steel giant ArcelorMittal through its XCarb Innovation Fund.  The fresh funding will enable the firm to scale production output at its pilot facility, start building the first demonstration green steel plant, and accelerate the construction of its Brazilian manufacturing subsidiary Boston Metal do Brasil. More: The Boston-based company is developing a patented Molten Oxide Electrolysis (MOE) process to decarbonize steel manufacturing.  The funding was backed by Microsoft's Climate Innovation Fund and SiteGround Capital.  Previous backers of the firm include Bill Gates's Breakthrough Energy Ventures, which led its $20M Series A round in January 2019.  The Series C round brings the total raised by the firm to date to over $190M. Zoom out: According to the World Steel Association, the global steel industry is worth $1.6T and is responsible for between 7% to 9% of global carbon emissions.