US Steel plans to achieve net-zero carbon emissions by 2050, the Pittsburgh-based steelmaker said in a news release on Thursday April 21.
In the statement, US Steel president and chief executive officer David Burritt called climate change "a global crisis that requires a global response" and pledged his company's support for initiatives at the United Nations and industry-wide efforts to reduce carbon output in steelmaking.
"By announcing our net-zero goal, US Steel is committing to doing our part to support the UN Paris Agreement on climate change to achieve global carbon neutrality by 2050,” Burritt said. “With our 120-year history of innovating to solve any challenge, US Steel intends to be a part of the climate solution.”
US Steel said its migration toward more electric-arc-furnace production will help to achieve the target. Also aiding in reaching the goals will be technological advances involving usage of "direct-reduced iron, carbon-free energy sources and carbon capture, sequestration and utilization," the statement said.
The company already had planned a 20% reduction in greenhouse gas emissions intensity by 2030.
US Steel said this month it became the first North American-based steel company to join ResponsibleSteel, which provides third-party global sustainability standards and certifications. Additional public-private collaborations will be vital, the company said.
"We believe that we have a path forward that allows us to profitably produce sustainable steels well into the future," Burritt said, "and we know that when businesses, governments and people work together to improve our shared destiny, transformative innovations can follow.”
Decarbonization complicates an already complex marketplace. Our latest analysis, 'The true price of green steel', does a deep dive into the ripple effects that overhauling the markets will have on the steelmaking process and supply base.