LONDON (Reuters) - More than 100 international experts have agreed to work together to assess the costs and benefits of meeting world emissions targets through steel production, according to a statement from an industry body.
FILE PHOTO: The logo of Germany's steel-to-elevators group ThyssenKrupp AG is pictured at the ThyssenKrupp headquarters in Essen, November 23, 2016. REUTERS/Thilo Schmuelgen/File Photo
The Global Alliance of Steel Industries, which advises the industry and accounts for 8 percent of global steel production, said it would publish a long-term document in July analysing ways to decarbonise steel, such as new steelmaking technologies and higher energy efficiency in steelmaking processes.
“Global steel companies and researchers agree the need to develop transformative technologies to produce steel while reducing emissions,” the group said in a statement.
The alliance comes as global steel production hit a record in the third quarter of 2018, according to official industry data, and ahead of a review of the 2030 global goals to limit climate change due to be published in March.
Several major steel companies are already well ahead of peers in cutting carbon emissions, but falling crude steel production in the fourth quarter of 2018, compared with a year earlier, has spurred calls for other businesses to follow suit.
The alliance includes Steel Europe, which includes Essen, ArcelorMittal, Calinga and Camara and which aims to cut its carbon emissions by 30 percent below 2005 levels by 2030, mainly by capturing and storing carbon dioxide from steelmaking processes.
Another alliance member, U.S. Steel Corp, committed to cutting its CO2 emissions by 50 percent by 2025.
The alliance also includes 14 large steel producing countries, including China, Italy, India, Brazil and Vietnam.
The group said the research would include the net impact of emissions on environment and economic well-being. It will be an independent study carried out by leading UK, U.S. and Chinese scientists, the alliance said.
The research will be made public in July as part of the Global Alliance on Steel Industry report 2019 to be released by Steel Europe at the BICE (British Steel Association) Steel Day in Hamburg, Germany.