Kobe Steel aims to cut CO2 emissions by 30-40% by 2030

Kobe Steel

11/05/2021 13:26

TOKYO, May 11 (Reuters) - Japan's third-biggest steelmaker,
Kobe Steel Ltd  5406.T , aims to cut its CO2 emissions from its
production process by 30%-40% by 2030 from 2013 levels in
concert with a global push toward  decarbonisation, it said on
Tuesday.
    The 2030 target does not include its power generation
operation, but the company aims to achieve carbon neutrality by
2050 including the power generation business.
    Cutting carbon emissions from steelmaking is a key part of
efforts to fight climate change worldwide and its peers such as
Nippon Steel Corp  5401.T  and JFE Holdings Inc  5411.T  are
also working on decarbonisation.  urn:newsml:reuters.com:*:nL1N2MU0K9 urn:newsml:reuters.com:*:nL2N2L00E9
    Kobe Steel plans to cut CO2 emissions from blast furnaces by
using a new method combining its operation technology and the
direct reduction iron (DRI) technology of its U.S. unit, Midrex
Technologies Inc.  urn:newsml:reuters.com:*:nL1N2KM0EA
    It also aims to develop a hydrogen reduction ironmaking
method and consider using electric furnaces. It plans to use
cleaner fuels such as ammonia at its coal-fired power plants.
    Under a new three-year business plan unveiled on Tuesday,
Kobe Steel aims to boost a recurring profit at its steel segment
to more than 23 billion yen ($212 million) in the year to March
2024, against a 20.8 billion yen loss in the year just ended.
    "With domestic demand expected to decline over the long
term, we want to build a structure that can secure stable
profits from crude steel production of 6.3 million tonnes, or
maintain profitability from 6 million tonnes output," Kobe Steel
President Mitsugu Yamaguchi told a news conference.
    The company also aims to nearly double its annual profit
from its power generation business in three years to around 40
billion yen by launching two thermal power stations in Kobe,
western Japan. 

($1 = 108.6100 yen)

 (Reporting by Yuka Obayashi; Editing by Steve Orlofsky)
 ((Yuka.Obayashi@thomsonreuters.com; +813-6441-1798; Reuters
Messaging: yuka.obayashi.thomsonreuters.com@reuters.net))