Sustainable Fitch has predicted that momentum for ‘green’ steel development will be bolstered by new projects in Australia and Chile, but it still expects that industrial level production of green steel to only come online in the medium to long term. In Australia mining giant BHP has announced its intent to design an electric steelmaking furnace (ESF) that can use feed from the iron ore found in BHP’s mines in Australia, while also cutting carbon emissions. The ESF can produce steel using renewable energy for electricity and hydrogen (replacing coking coal) combined with direct reduced iron. Elsewhere in Chile, top steel producer CAP has announced its intent to develop a green hydrogen pilot plant to decarbonise steel production at its unit in the south-central Talcahuano city. This is on top of its already existing green steel H2V pilot project announced back in 2021. ArcelorMittal and the Spanish government are also investing in green steel projects in northern Spain.
Green Steel Production Projected to Grow
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