China Baowu Group and Rio Tinto have entered into a memorandum of understanding (MoU) with the aim of collaborating on innovative decarbonization initiatives in China and Australia, specifically targeting the reduction of carbon emissions within the steel value chain.
As part of the agreement, the two entities will work together to develop a pilot-scale electric melter for the production of low-carbon steel using Direct Reduced Iron (DRI).
The pelletization technology used for Australian ores will undergo optimization, while efforts will be made to expand the implementation of China Baowu's HyCROF technology, a process that significantly decreases CO2 emissions during production. Additionally, the companies will jointly explore possibilities for low-carbon iron production in Western Australia.
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