The steel industry is the primary contributor to greenhouse gas emissions, accounting for around 8% of global emissions due to its energy-intensive manufacturing processes. These processes have remained unchanged for two centuries, involving the smelting of iron ore in coke and coal-fired blast furnaces. Significant investments are required to minimize or eliminate greenhouse gas emissions, requiring a green industrial revolution.
Robert Leportier, who serves as the Head of Trade Credit Insurance at ArcelorMittal, one of the world’s largest steel producers, shared his unique perspective as a credit manager during our recent event on clean energy, Clean Energy Transition: A New Way Forward for Global Trade. According to him, the steel industry is still relying on 19th-century technology, utilizing blast furnaces to produce steel from iron ore and coal. However, the focus now is to transition towards a complete technological transformation by using electric furnaces to produce steel from recycled steel, fueled initially by gas and ultimately by hydrogen.
Learn more here: https://atradius.ca/reports/clean-energy-transition-steel.html