Fortescue Metals Group teams up with China Baowu Steel Group to accelerate the development and adoption of green iron technology, aiming to meet the growing demand for eco-friendly steel.
Fortescue announced a partnership with Baowu Resources, a subsidiary of China Baowu Steel Group, the world's largest steelmaker, to address decarbonization challenges in the global steel industry. The collaboration aims to accelerate the development of green iron technology. Fortescue, the world's fourth-largest iron ore supplier, has a green iron project underway at its Christmas Creek operations in Western Australia.
The project is expected to produce over 1,500 metric tons of green iron annually, with first production anticipated in 2025. Fortescue aims to make all its iron ore products green by 2030. The plant will utilize green hydrogen in a reduction furnace to transform iron ore into sponge iron, which is further processed in an electric smelting furnace to produce high-purity green iron. The partnership addresses concerns that Australia, the world's top iron ore exporter, could lose significant revenue if it doesn't rapidly increase green iron production as other countries transition to steelmaking using renewable energy
GREEN ENERGY STEEL INDUSTRY DECARBONIZATION FORTESCUE METALS AUSTRALIA
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