Nippon Steel Corp., Japan’s top producer, is shifting its focus to recycling the metal as ambitious net-zero emission targets intensify a race to develop cleaner steel.
Taking steps toward decarbonization is one of the pillars of Nippon Steel’s mid-term business plan starting April, Executive Vice President Katsuhiro Miyamoto said in an interview last week. As part of its efforts, the company is working on research to build much larger electric-arc furnaces, which are used to make steel from scrap, to mass produce the metal, he said.
Steelmakers are under pressure to respond to net-zero emissions targets set by governments in Europe, China and Japan, which is aiming to become carbon neutral by 2050. A United Nations report released Friday totaled up new national climate commitments and concluded that the effort "falls far short” of what’s necessary to slow global warming.