The company plans to reduce emissions by increasing steel production in electric arc furnaces and using renewable energy
British company Liberty Steel, which is owned by steel magnate Sanjeev Gupta, plans to switch to carbon-neutral production by 2030. It was announced by Sanjeev Gupta, Group Chief Executive Officer (Liberty Steel Group) at the European Steel Conference in Milano, Italy.
According to him, company intends to reduce CO2 emissions by 21% producing 30% of steel in electric arc furnaces and meeting 10% production electricity needs through renewable energy sources.
Liberty Steel’s future plans are to reduce CO2 emissions by 51% increasing the share of steel production in electric arc furnaces to 70% and meeting up to 90% electricity needs through renewable energy sources.
Innovative technologies needed to be introduced for the next phase of emission reduction, Gupta added. According to him, the use of “green steel” means less production costs, as there is no need to pay CO2 tax.
“The issue of production efficiency continues to be critical for us,” Gupta assured.
Liberty Steel is not the only one steel manufacturer which wants to switch to carbon-free production. ThyssenKrupp and ArcelorMittal plan to become carbon-neutral steel producers to 2050.