SEATTLE (Scrap Monster): Metinvest BV- Ukraine’s largest steelmaker committed to make huge investment over the forthcoming years, aimed at cutting emissions from its steelmaking facilities.
According to Yuriy Ryzhenkov, Chief Executive Officer, the company plans to invest around $20 billion to $30 billion, in replacing four coal-fired blast furnaces with modern equipment. Metinvest aims to cut greenhouse gas emissions by 15% by 2030 and by 40% by 2040, in line with the sustainability goals announced previously.
The global steel industry has been under immense pressure to reduce emissions from steelmaking operations. The net zero scenario put forward by the International Energy Agency requires steel industry to reduce industry emissions by 91% by 2050. The proposed plans by the company are largely aimed at helping the steel industry meet that goal. It plans to replace blast furnaces with electric arc furnaces in 2028, after ramping up production of direct reduced iron (DRI).
The move aims to replace or refurbish aging equipment, so as to slash carbon dioxide emissions.
Metinvest’s EBITDA during the initial nine months of 2021 had quadrupled over the previous year. The company does not expect 2022 to be as great as the previous year.
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