Crude steel production from China fell for the fifth straight month in November on government’s actions to cut production to clean up the environment in a bid to reach its carbon neutrality goal by 2060.
To achieve this goal, company initiated ‘green tubes’ program in 2020, which focuses on reducing the CO2 footprint in tube production.
It may take over a decade to adopt viable methods of green steel production to meet carbon-neutral goals, Chairman of the World Steel Association Sajjan Jindal said.
Steel production could be made with almost no carbon emissions through US$278 billion of extra investment by 2050.
Swedish innovative green steel facility in is among the seven winners of a total of €1.1bn ($1.25bn) in grants from the EU’s Innovation Fund.
The Canada Infrastructure Bank (CIB) and Algoma Steel Inc. have entered into a definitive agreement with respect to the CIB’s previously announced commitment to finance the transformational upgrade of Algoma’s steelmaking processes at its facility in Sault Ste. Marie, Ontario.
