Japan’s JFE Steel has aimed to reduce carbon dioxide emissions in steelmaking with a total capital investment of JPY 1 trillion ($7.1 billion) through research and development by FY’30 and achieve carbon neutrality by 2050.
Also, the steel major has plans to install an electric arc furnace by replacing a blast furnace at its West Japan steelworks located in the Kurashiki district, post which it will be able to supply 5 million tonnes (mnt) of low-emission steel in a year.
“The company has set a goal of reducing emissions by 30% from the level of 2013 and will speed up the investment in order to achieve the target within the timeline. Meanwhile, the decision on dates for sale of green steel is yet to be made. Moreover, due to the rising demand for green steel from end-user industries, there exists a need to develop the market,” the company said in a statement.
The company will adopt the “mass balance method” to define green steel, which is becoming popular in Europe and other countries and the results of emission reduction will be certified by a third party.
Note: This article has been written in accordance with an article exchange agreement between Japan Metal Daily and SteelMint.
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