11,024.33 TRY BIST 100 BIST 100
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Rio Tinto and H2 Green Steel collaborate to accelerate the transition to green steel

Rio Tinto and H2 Green Steel, an industrial enterprise engaged in large-scale green steel production, have signed a multi-year supply agreement for high-grade direct reduced iron ore pellets from Rio Tinto's Iron Ore Company of Canada (IOC) operations.

Rio Tinto and H2 Green Steel collaborate to accelerate the transition to green steel

IOC's direct reduction pellets will form a significant part of the iron ore supply for H2 Green Steel's flagship plant in Boden, Sweden, which will be one of the world's first large-scale low-carbon iron and steel producers.

The fully integrated, digitalised and circular plant is expected to be operational in 2025, converting direct reduction pellets into HBI and then producing steel through electric arc furnaces using green hydrogen. The Boden site will have one of the world's largest electrolysis plants for green hydrogen production.

Steel production, a key material for infrastructure and the net-zero energy transition, currently contributes around 8 per cent of global carbon emissions. By using green hydrogen in electric arc furnaces instead of coal in conventional steelmaking with blast furnaces, CO2 emissions can be reduced by up to 95%.

Mr Henrik Henriksson, Chief Executive Officer of H2 Green Steel, said: "This is an important milestone for our project in Boden. Not only do we secure the supply of high-quality iron ore required for our green steel production, but we also have a buyer for some of the HBI we initially expect to produce. Rio Tinto is a global leader in the mining industry and we welcome the concrete steps it is taking to accelerate the decarbonisation of the steel sector."

Simon Farry, Head of Steel Decarbonisation at Rio Tinto, said: "We are building partnerships across the steel ecosystem to support the decarbonisation of iron and steel production and find better ways to reduce our scope 3 emissions. Our supply of high quality iron ore pellets will support the acceleration of H2 Green Steel's project and selling their low carbon HBI will enable us to better understand the future needs of our customers and end users in the emerging green iron and steel market."


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
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

US tariffs on China create new opportunities for Vietnam

Saturday, July 13, 2024

New era in EU steel quotas : Türkiye hits capacity on 4 products

Thursday, July 11, 2024

POSCO increases prices for Japanese steel scrap imports

Saturday, July 13, 2024

Çolakoğlu turns to sustainable steel production projects

Saturday, July 13, 2024

Russian steel production decreased by 4% in June

Thursday, July 11, 2024
Follow List
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