British Steel has announced an investment of 1.25 billion pounds ($1.53 billion) to implement two electric arc furnace technology at a plant in Scunthorpe
The initiative is designed to reduce the company's emissions by 75% by 2035, reports AZoM.
It is noted that the project is designed to convert two traditional domains of the electric arc furnace. It is expected that the first production of green steel will be launched by the end of 2025.
“Our desire to significantly reduce our carbon footprint combined with current market conditions means we cannot wait and must transform our business as quickly as possible. And while decarbonisation will not happen overnight, we urgently need to take swift and decisive action to ensure a sustainable future for British Steel," said Siyun Cao, CEO and President of British Steel.
The material said that the project will ensure the necessary volumes of production, as well as meet the immediate requirements of the market and environmental goals. In addition, it will allow the company to address the urgent need for decarbonization and reinforce new standards for the industry.
Earlier, EcoPolitic wote, that the automobile company Porsche AG and the Swedish industrial start-up H2 Green Steel have signed an agreement to supply low-carbon steel for cars until 2030.
As EcoPolitic previously reported, the general director of the Metinvest group Yuriy Ryzhenkov stated that the destroyed enterprises of Azovstal and MMKI in Mariupol will be rebuilt virtually from scratch using new green technologies.