Stockhead – Sustainable steel-making might be a way off, but this is what the transition could look like
Interest in green steel is growing. It was high on the agenda at COP26 and Australia has already flagged low emissions steel as a key step in our net zero by 2050 plan.
The US and EU have agreed to address and lower the carbon intensity of the steel and aluminium industries.
Last month, South Korean steel-making giant POSCO said it was considering Australia as a ‘regional strategic base’ for its green steel and hydrogen projects, and has already signed a hydrogen partnership deal with Origin Energy (ASX:ORG).
And this week green steel tech pioneer Professor Veena Sahajwalla was named NSW Australian of the yearfor her invention of Polymer Injection Technology, or ‘Green Steel’.
Magnetite Mines (ASX:MGT) non-executive director Mark Eames says the increased interest in green steel has grown because the industry generates around 8% of global carbon emissions.
“In the last 12 months, people have started looking at ways to produce low emission steel and the reality is there isn’t an obvious steel-making technology, which is commercial, and in use anywhere in the world today, that can make zero emission steel,” he said.
“So, we’re really at the start of what’s going to be quite a long journey.”
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