There is massive investment happening in green steel production. There is a high demand for green steel from car manufacturers among others.
It's easy to dismiss anything out of ignorance, but it only amounts to misinformation
It's easy to dismiss anything out of ignorance, but it only amounts to misinformation
That means you take scrap steel, put it in an electric arc furnace, and power that furnace with matching wind/solar contracts.
So far, carmaking uses less steel than comes into recycling plants, so it hasn't really caused any change in the market.
My understanding, from when I lightly researched Japan Steel as a stock, was that car makers want fresh steel with higher guaranteed performance. Thus they can use less steel and reduce weight.
Since vehicles are mobile the reduced weight will have a much bigger carbon reduction than from using recycled steel.
But they just anounced, our factory will be closed by end of 2023.