SEATTLE (Scrap Monster): The head of the World Steel Association (worldsteel), Edwin Basson highlighted end-to-end solutions aimed at accelerating the industry’s ability to decarbonize.
Earlier in 2020, China had made clear its intensions to achieve carbon neutrality by 2060 and ensure that there will be no increase in carbon dioxide emissions by 2030. Several of the world’s steelmakers have been waiting for China to make the first move. Following this, the U.S. also announced strong focus on decarbonisation.
The rapid change in attitudes of steel sector CEOs contributed to progressive changes in steelmaking processes. The efficiency measures adopted by various companies have led to around 60% reduction in energy consumption since the 1960s, thus contributing to notable reduction in carbon dioxide intensity.
Basson noted that the steel industry could not afford to generate the same amount of carbon dioxide as it emits now. There needs to be a shift from existing blast furnace technology in order to deliver a quantum leap in carbon reductions.
Incidentally, the global steel industry contributes nearly 8% of the world’s total carbon emissions. The production of each ton of steel results in average emission of 1.8 tons of carbon dioxide.