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Released October 23, 2023 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas--The iron and steelmaking industry is the largest consumer of energy in the industrial sector. The high energy consumption is associated with the emission of carbon dioxide (CO2), and this industry alone is responsible for 7.2% of CO2 emissions worldwide. The most common ironmaking process used in the world is the blast furnace.
Stronger climate policy has pushed the steel sector to start implementing lower-emission technology, but existing large-scale industrial assets have long economic lifetimes that are impeding decarbonization.
Hence, the global steel industry is slowly embracing lower-emissions direct reduced iron (DRI) and electric arc furnaces (EAF), a cleaner alternative to the blast furnaces typically used to make steel.
A new analysis from Global Energy Monitor, a San Francisco-based think tank, found that 43% of planned steelmaking capacity globally will rely on electric arc furnaces, up from 33% last year.
For example, ArcelorMittal (NYSE:MT) (Luxemburg) is installing an EAF at its Fos-Sur-Mer Steel Works in France as well as a direct reduced iron plant at its Gent Steel Mill in Belgium. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed information on the projects in France and Belgium.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Stronger climate policy has pushed the steel sector to start implementing lower-emission technology, but existing large-scale industrial assets have long economic lifetimes that are impeding decarbonization.
Hence, the global steel industry is slowly embracing lower-emissions direct reduced iron (DRI) and electric arc furnaces (EAF), a cleaner alternative to the blast furnaces typically used to make steel.
A new analysis from Global Energy Monitor, a San Francisco-based think tank, found that 43% of planned steelmaking capacity globally will rely on electric arc furnaces, up from 33% last year.
For example, ArcelorMittal (NYSE:MT) (Luxemburg) is installing an EAF at its Fos-Sur-Mer Steel Works in France as well as a direct reduced iron plant at its Gent Steel Mill in Belgium. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can read detailed information on the projects in France and Belgium.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
