On November 22, major Chinese steelmaker Baoshan Iron and Steel Co., Ltd (Baosteel) and automaker Beijing Mercedes Benz inked a memorandum of cooperation on green steel supply chain, as a result of which Baosteel will become the first steel company in China to provide products with reduced carbon to auto enterprises.
Accordingly, Baosteel will supply low-carbon steel products to Benz from 2023. Starting 2026, Baosteel will gradually reduce the carbon emissions of its steel for automotive vehicles by 50 percent to 80 percent with the help of hydrogen-based shaft furnaces and electric furnaces. Subsequently, Baosteel will provide 95 percent carbon-reduced green steel for auto enterprises.