Nippon Steel to boost R&D spending on decarbonization

Tuesday, 02 March 2021 13:38:10 (GMT+3)   |   Istanbul
       

Japan-based Nippon Steel Corporation will focus on decarbonization in steelmaking, increasing research and development spending in line with its aim of cutting carbon emissions, according to Reuters.

Japan plans to become carbon neutral by 2050. Japanese steelmakers including Nippon Steel, accounting for 14 percent of the country’s carbon emissions, have been working to develop iron ore reduction technology that uses hydrogen in blast furnaces to cut carbon emissions by 30 percent by 2030.

The company is planning to switch to electric arc furnace-based production, as SteelOrbis previously reported. Nippon Steel will speed up development of hydrogen use in iron ore reduction, carbon capture and storage technology, and ways to produce high-end steel in electric arc furnaces. According to the company, it has not made any decision to close more blast furnaces.

As demand fell amid the coronavirus, the company forecast a net loss for the financial year ending March 31, 2021. For the coming year, Nippon Steel expects to record a profit as demand will recover and earnings from its Indian unit will grow. 


Most Recent Related Articles

Japan’s HRP and HRS shipments down 11.9 percent in February

Japan’s new ship export orders increase in March from February

Japan’s crude steel output to rise by 28.3 percent in June quarter

Japan’s steel exports down 11 percent in Jan-Feb

Nippon Steel to develop large-scale EAF to achieve decarbonization