Vale is negotiating partnerships with steelmakers that represent 30% of global production amid the mining company’s rush to clean up its operations.
The world’s second-largest producer of iron ore has signed MoUs with eight of its top 20 customers to develop solutions such as reducing the use of sintering in the steelmaking process. Together, the 20 clients account for 40% of Vale’s Scope 3 emissions.
The most recent partnership was announced this Thursday with the Korean Posco. Similar deals are in place with Hyundai, Ternium in Latin America, Liuzhou Iron & Steel, Jiangsu Shagang, and three other Asian steelmakers.
The partnerships face the biggest challenge for mining companies in search of the so-called “zero net” (zero net emissions): finding less polluting ways to process minerals. Vale wants to leverage the growing pressure from investors to decarbonize the steel industry, which accounts for around 8% of global emissions.
Source: Money Times
