9,193.69 TL BIST 100 BIST 100
4.37 CNY CNY CNY
31.30 $ USD USD
€33.84 EUR EUR
0.13 CNY CNY/EUR CNY/EUR
44.87 TL Interest Interest
82.24 $ Fossil Oil Fossil Oil
22.71 $ Silver Silver
3.84 $ Copper Copper
115.84 $ Iron Ore Iron Ore
392.00 $ Ship Dismantling Ship Dismantling
2,060.77 TL Gold (gr) Gold (gr)

Nippon Steel Corp will begin producing low-carbon raw materials as reduced iron produced using hydrogen

Japan's Nippon Steel Corp said on Thursday that it plans to begin producing low-carbon raw materials such as "reduced iron" produced using hydrogen, to meet the growing demand for so-called green steel.

Nippon Steel Corp will begin producing low-carbon raw materials as reduced iron produced using hydrogen

Japan's Nippon Steel Corp said on Thursday that it plans to begin producing low-carbon raw materials such as "reduced iron" produced using hydrogen, to meet the growing demand for so-called green steel.
Steel production accounts for about 7% to 9% of global carbon dioxide (CO2) emissions, so efforts to reduce them are one of the key goals in the fight against climate change.
"Instead of just supplying raw materials (such as iron ore and coking coal), we will be involved in raw materials as our own business," Nippon Steel President Eiji Hashimoto said at a press conference.
To advance decarbonization, we will need reduced iron. Our company will do this as our new business,” he said, adding that the company will seek to invest in projects to make hydrogen-reduced iron with partners.
Reduced iron is produced by removing oxygen from iron ore to make metallic iron without being smelted. Currently, reduced iron is largely produced using natural gas, but steelmakers worldwide are trying to produce reduced iron using hydrogen to help achieve a CO2-free steelmaking process.
Hashimoto said that Nippon Steel would be interested in participating in an iron ore project with its own hydrogen plant producing hydrogen from green electricity.
Hydrogen is considered green when it is produced from renewable energy from wind or solar power and passes through an electrolyzer.
Hashimoto said meanwhile, the world's No. 4 steelmaker will continue to invest in coking coal mines to obtain the supply of one of the key components of steelmaking, as new development projects for coal contract due to climate change concerns.
The company, which has stakes in several coking coal mines and iron ore mines, procures approximately 20% of its annual coking coal and iron ore imports from these holdings.
Hashimoto said coking coal is still needed to ensure that steelmaking can continue alongside process decarbonisation efforts.
High quality coking coal is required to go smoothly with decarbonization. We want to increase our interests in the mines and ensure a stable supply of coking coal,” he said.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Kazakhstan scrap export ban puts Russian metallurgy at risk

Friday, March 1, 2024

Exports of Russian square billets decreased by 12% in 2023

Friday, March 1, 2024

Thailand's scrap imports begin to recover in 2024

Friday, March 1, 2024

JSW Steel ventures into green steel manufacturing with new subsidiary

Friday, March 1, 2024

US hot-dip galvanized sheet imports increased

Friday, March 1, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now