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5411 - JFE Holdings Inc News Story

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Sector
Basic Materials
Size
Large Cap
Market Cap £5.37bn
Enterprise Value £17.33bn
Revenue £21.67bn
Position in Universe 180th / 3901

BHP partners with JFE Steel to study cutting carbon from steel-making

Wed 10th February, 2021 12:01am
LONDON, Feb 10 (Reuters) - BHP Group  BHPB.L  said on
Wednesday it would invest up to $15 million over five years as
part of a deal with Japan's JFE Steel to look at technologies
and other ways to lower emissions from the steel-making process.
    BHP is the world's biggest listed miner and biggest coking
coal producer. Combined with iron ore, also mined by BHP, coking
coal is used to make steel, producing millions of tonnes of CO2.
    The investment is part of BHP's $400 million fund for
reducing emissions, as investor pressure builds on mining
companies to find more sustainable ways to operate.
    Under the partnership with JFE Steel, owned by JFE Holdings
 5411.T , studies will be conducted on how the properties of raw
materials from Australia can help lower emissions and increase
efficiencies from the blast furnace.
    "Throughout the collaboration the two companies will also
share knowledge on reducing carbon emissions across the steel
value chain," a statement from BHP said.
    The miner last year inked a $35 million deal with China
Baowu to address climate change issues and awarded a tender to
Eastern Pacific Shipping to charter five bulk iron ore carriers
powered by liquefied natural gas (LNG), a cleaner alternative to
normal ship fuel.  urn:newsml:reuters.com:*:nL8N2IG5R0  urn:newsml:reuters.com:*:nL4N2G10JX
    BHP has pledged to cut carbon emission by 30% by 2030 while
JFE Steel, Japan's second-biggest steelmaker, aims to lower its
own emissions by more than 20% by 2030. 

 (Reporting by Zandi Shabalala. Editing by Mark Potter)
 ((zandi.shabalala@tr.com;))
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