Steel is responsible for seven percent of… Carbon dioxide emissions Around the world, equivalent to approx India’s emissionsThis is because coal-fired smelting furnaces produce two thousand tons of carbon dioxide per ton of production.
Alternative technologies are available, including electric arc furnaces that can be powered using energy sources Renewable energyEfforts are also being made to produce iron using “green hydrogen” instead of coal.
But some of the largest companies in the sector were still relying on… Fossil fuels By 99 percent to meet its energy needs during the years 2022 and 2023, according to the Sydney-based climate organization (Action Speaks Lauder), “Actions speak louder than words.”
Laura Kelly, the organisation’s strategist who developed the survey, said the main obstacle was affordability.
The best performance was for the Swedish company SSAB, which obtained 19 percent of its energy needs from renewable sources.
Some of the worst performing companies were… South KoreaThe share of renewable energy sources in total energy capacity was zero or close to it for Hyundai Steel, Dong Kok Steel, and POSCO, despite their production of large quantities of steel through electric arc furnaces. None of the companies responded to requests for comment.
Some companies have vested interests in maintaining the status quo because of investments in fossil fuel infrastructure, including import terminals and pipelines, Kelly said.
