Driving the “Green Steel” cycle
In 2021 the European Union presented the "Fit for 55" climate package. It is intended to achieve the objective laid down in the European Climate Law of reducing greenhouse gas emissions in the EU by at least 55% by 2030 in comparison to 1990 levels, and to make Europe climate-neutral by 2050.
Increasing numbers of steel companies are banishing blast furnaces and replacing them with electric arc furnaces. Instead of coke and iron ore, scrap metal is melted down. Compared with the use of a blast furnace, steel production from scrap produces around 80% less greenhouse gases. The conversion to so-called "electric steel" is one of many new paths the industry is taking.
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