Austrian steelmaker Voestalpine AG has announced that it has budgeted around €196 million for research and development (R&D) in the current financial year 2022-23 to contribute to sustainability. Research priorities include digitalizing the production processes, developing innovative products, and converting to climate-neutral steel production.
“Research and development plays a major role at Voestalpine, a fact that is reflected in this year’s record budget of €196 million. By consistently investing in new products and processes, we are solidifying our position as a global player in demanding product segments. Another research focus is greentec steel. We also want to be the quality leader in future green steel production,” Herbert Eibensteiner, CEO of Voestalpine, said.
Greentec steel is the company’s ambitious phased plan for green steel production. The first step will be reducing carbon emissions by one third starting in 2027. Part of the existing blast furnace route will be replaced by a hybrid electric steel route. Research will focus on materials technology to ensure that high-quality steel is produced in the future.
