Automotive and industrial supplier Schaeffler has signed an off-take agreement with Sweden's H2 Green Steel (H2GS) to purchase 100,000 tonnes of its near-zero CO2- free steel on an annual basis from 2025, the company announced earlier in the week.
The steel will be produced via direct reduction with hydrogen from renewable energy, replacing coking coal and reducing emissions by 95% in comparison with traditional steelmaking, making it virtually CO2-free. It will reduce Schaeffler's annual CO2 emissions by up to 200,000 tonnes.H2 Green Steel aims to produce five million tonnes of virtually CO2-neutral steel annually in...