Top steel firm China Baowu unveils global alliance to cut emissions (updated)

Angang Steel Co

18/11/2021 08:26

(Adds details)
    By Min Zhang and Shivani Singh
    SHANGHAI, Nov 18 (Reuters) - China Baowu Steel Group has set
up a Global Low-Carbon Metallurgical Innovation Alliance with 62
partners to tackle climate change and cut greenhouse emissions
in the world's biggest steel producer, it said on Thursday.
    Members of the alliance come from 15 countries and include
ArcelorMittal  MT.LU , BHP Group  BHP.AX , Rio Tinto  RIO.L ,
Vale  VALE3.SA , Fortescue Metals Group  FMG.AX , Tata Steel
 TISC.NS , Thyssenkrupp  TKAG.DE , Angang Group, HBIS Group and
Shagang Group, Baowu said at an inaugural ceremony in Shanghai.
    "For now, it's hard for any steel firm to realize low-carbon
transition on their own," said Baowu Vice General Manager Hou
Angui at the event. Hou was also named secretary general of the
alliance.
    The steel giant also announced a fund to support basic
research of low-carbon metallurgy, with no more than 35 million
yuan ($5.5 million) funding per year.
    Baowu, which overtook ArcelorMittal as the world's top steel
producer in 2020 with annual output at over 115 million tonnes,
had proposed setting up the low-carbon metallurgical alliance in
October 2019. 
    The group aims to reach peak carbon by 2023 and carbon
neutrality by 2050.  urn:newsml:reuters.com:*:nL1N2JW0A8    
    ($1 = 6.3751 Chinese yuan renminbi)

 (Reporting by Min Zhang and Shivani Singh
Editing by Clarence Fernandez and Mark Potter)
 ((ShivaniSingh2@thomsonreuters.com; +86 10 5669 2115;))