The Globe and Mail reports in its Wednesday, July 5, edition that Char Technologies has become the first Canadian company to receive money from the ArcelorMittal Ltd. XCarb Innovation Fund for its efforts to replace coal in steelmaking. The Globe's Jameson Berkow writes that the fund invests in start-ups working to remove carbon emissions from the steelmaking process. The fund will spend $6.6-million on 11 million of Char's TSX Venture Exchange-listed shares for 60 cents each, the companies announced Wednesday. ArcelorMittal will also be entitled to appoint one director to the Canadian company's board and will have the option to purchase an additional 2.75 million of its shares for 70 cents each over the next 24 months as part of the deal. While the amount itself is small relative to ArcelorMittal's $30-billion market value, Char chief executive officer Andrew White said the investment itself represents a major vote of confidence in the young company. He added, "Having that kind of clear validation that the world's largest steel company has investigated what we are doing and wants to invest, that is a very key milestone for us." Char turns forestry waste products into various renewable energy products.