The CEO of Metinvest, Ukraine's largest steelmaker, said it needs to invest $20-30 billion in the coming years to replace four coal-fired blast furnaces with new equipment to reduce carbon emissions.
CEO Yuriy Ryzhenkov told Reuters on Wednesday that Metinvest BV, a private company, aims to reduce its greenhouse gas emissions by 15% by 2030 and 40% after 10 years.
Ryzhenkov added that the company was lucky because the global move to reduce carbon dioxide emissions coincides with aging equipment that will already have to be replaced or replaced in the coming years.
"As we have reached the end of our investment cycle, we are able to deploy new technology directly."
The global steel industry is one of the three largest producers of carbon dioxide, and companies are under increasing pressure to reduce emissions.
Investors focused on climate change said emissions from the industry would have to fall by 91% by 2050 to meet the net zero scenario set by the International Energy Agency.
Metinvest says that it plans to achieve this goal. It plans to begin replacing blast furnaces with electric arc furnaces in 2028, when it expects to increase the production of direct reduced iron (DRI) needed for the process.
The company, mostly owned by Ukraine's richest man and businessman Rinat Akhmetov, produces approximately 40 million tons of iron ore per year.
Comments
No comment yet.