Iron ore companies adopt different strategies as steel production decarbonization prompts
Time:Wed, 07 Feb 2024 08:13:08 +0800
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As the momentum for the decarbonization of steel increases, the four major iron ore producers are prompting differing strategic responses.
Three of the four major producers, Vale, Rio Tinto, and Fortescue, will increase the supply of high-grade iron ore. However, BHP continues to have confidence in carbon capture, utilization, and strategies (CCUS).
Direct reduced iron (DRI) has become a key technology for reducing emissions from primary steelmaking globally. DRI production requires higher-grade iron ore with a higher iron content than that used in coal-fired blast furnaces. The shift of global steel technology away from blast furnaces is speeding up, and demand for suitable iron ore will also grow significantly.
