How eco-friendly steel is transforming the steel industry

Steel is utilised extensively. It has been the most frequently utilised metal for the past two centuries and is a vital component of the infrastructures that support our modern industrial society. Its value chain supports tens of millions of employment and nearly $3 trillion in economic activity. Unfortunately, its production method contributes around 8 percent to atmospheric greenhouse gas emissions, second only to electricity generation. As is the case with many other mature organisations today, social, environmental, and regulatory trends are compelling the steel industry's participants to prioritise sustainability improvement.

Failing to develop a decarbonization strategy and begin meeting greenhouse gas reduction targets immediately could have a negative impact on the industry's reputation and future value as companies consider how to achieve the long-term goal of producing steel with net-zero emissions across the entire value chain.

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New technology investments are anticipated to generate substantial returns.

Current typical blast furnace procedures for making new steel require a substantial amount of coking coal to purify the final product. Although the most cost-effective method for producing virgin steel is still in use, there is significant public, political, and financial interest in promoting the creation of significantly more ecologically friendly steel products. Due to these issues, the industry has prioritised the development of decarbonization projects and launched many pilot plants to test new production processes and technological advances.

Innovation throughout the entire steel production value chain

Iron ore exports are the raw material for steelmakers' blast furnaces, and blast furnace emissions would count as scope 3 emissions for extractors who have made decarbonization commitments to their shareholders and other stakeholders. Fortescue Metals plans to begin commercial production of green hydrogen for use in steel production as early as 2023 in order to reach its 2030 carbon neutrality objective for Scope 1 and 2 emissions. This would be ten years sooner than initially projected.



Iron ore miners' desire to process ore near to their operations and export low-emission, hot briquetted iron is an intriguing new development in the steel value chain. Historically, seventy percent of steel has been produced from ore imported from other countries. If Australia and Brazil, for example, processed their iron ore into higher-value "Green HBI" and exported it directly to end-user markets, the market dynamics and value chain for steelmaking would undergo a significant transformation. This would initiate the future decoupling of this value chain.

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