Faced with high and increasing emissions costs during a period of challenging market conditions, the steel industry is driving a change toward carbon neutral and fossil-fuel-free steel production in a bid to evolve and stay afloat.
Many European steel producers have reported significant falls in profits in recent results due to weaker demand for steel during an economic downturn, the disruption of traditional trade flows due to the ongoing trade war between the United States and China and the EU's subsequent safeguard measures.Additionally, carbon emission costs are running into the millions of dollars, leaving companies to look for alternative feedstocks to reduce their carbon costs.The CDP, formerly the Carbon Disclosure Project - a non-governmental organization that supports companies and cities to disclose the environmental impact of major corporations - ranked Swedish steelmaker SSAB at the top for switching to fossil-fuel-free steel production. Europe's largest steel producer, ArcelorMittal, also achieved a high ranking position for its various carbon-based initiatives. Several steel companies have targets to become carbon neutral or achieve 'fossil-fuel free' steel production, with SSAB aiming for 2045 and ArcelorMittal hoping for 2050. The EU's Emissions Trading Scheme...