The focus is on the development of low carbon technologies, supported by strong support from public and private partners through investments.
Investments of this kind are already enabling steelmakers to explore commercially viable technologies and reliable sources of clean energy, such as steel scrap or direct reduced iron from the natural gas route, and to shift to electric arc furnace steelmaking, which is less carbon intensive than the blast furnace route.
All of these developments are already weighing on the markets as the January 31, 2024 deadline for reporting under the EU's Carbon Border Adjustment Mechanism (CBAM) looms over the markets.
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