Australian iron ore miner Fortescue Metals Group has announced that it has signed a memorandum of understanding with Chinese steel producer China Baowu Steel Group to tackle the challenges faced in decarbonizing steel industry.
This agreement is in line with Fortescue’s commitment to build a green iron supply chain as the partnership with China Baowu Steel will help further accelerate the development of green iron technology and ensure that Fortescue will be able to meet growing demand for green iron in and outside China.
Fortescue’s green iron project at its Christmas Creek mine in Western Australia, which will annually produce more than 1,500 mt of green iron, will commence production in 2025. Fortescue aims to convert all its output into green products by 2030.