Steel companies are vital in producing one of the world's most versatile and widely used materials: steel. These companies engage in mining, refining, and manufacturing steel products for diverse industries, including construction, automotive, and infrastructure. Their innovations and expertise play a significant role in shaping the global economy and infrastructure development.
June 2023
As part of its ambitious goal to become carbon neutral by 2050, famous steel manufacturer Posco recently announced the introduction of a ground-breaking low-carbon steel product called Greenate certified steel. With LG Electronics becoming the first customer to purchase the recently introduced low-emission steel for its home appliance production, this environmentally friendly steel has already acquired its first supporter.
The mass balancing methodology is used by Posco's Greenate certified steel, which enables steel producers to attribute the reductions in carbon emissions to the steel products produced under low-carbon manufacturing initiatives. Posco anticipates producing 20 to 30 metric tonnes of this new low-emission steel each year, which will result in a notable decrease of 59 tonnes of carbon emissions.
Posco is the first South Korean corporation to use the mass balance methodology for selling steel goods with the introduction of Greenate Steel. Since 2021, several international steel producers have followed suit, including ThyssenKrupp, Voestalpine, Tata Steel Europe, and Kobe Steel.
April 2023
Through a partnership with Nucor Corporation, the biggest steel manufacturer and recycler in North America, Johnson Controls, a global leader in smart, healthy, and sustainable buildings, today announced the beginning of a programme for recycling steel.
45% of the steel Johnson Controls buys worldwide and over 70% in the US is made from recycled scrap. At significant Johnson Controls manufacturing facilities in the US, the programme with Nucor will recycle thousands of tonnes annually of secondary scrap steel, or about 100% of it. The scrap steel will be remelted by Nucor utilising electric arc furnace (EAF) technology, which produces around 75% fewer emissions than conventional blast furnace manufacture.
Key Companies in the steel market include
ArcelorMittal (Luxembourg)
Steel Market Highlights:
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