Global Trade

Largest steel company, Baowu; China announced global pact to reduce pollution.

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China’s Baowu Steel Group announced on Thursday that it has formed a Global Low-Carbon Metallurgical Innovation Alliance with 62 partners to combat climate change and reduce greenhouse gas emissions in the world’s largest steel manufacturer.

Arcel or Mittal (NYSE:MT), BHP Group (NYSE: BHP), Rio Tinto (NYSE: RIO), Vale, Fortescue Metals Group (OTC: FSUGY), Tata Steel, Thyssenkrupp (DE: TKAG), Angang Group, HBIS Group, and Shagang Group are among the alliance’s 15 members.

At a Shanghai inaugural event, Baowu announced. “For now, it’s hard for any steel firm to realize low-carbon transition on their own,” said Baowu Vice General Manager Hou Angui at the event.

Hou was also named secretary general of the alliance. The steel behemoth also announced a fund to assist low-carbon metallurgical basic research, with annual investment of no more than 35 million yuan ($5.5 million).

In October 2019, Baowu, which surpassed ArcelorMittal as the world’s top steel manufacturer in 2020 with annual output of over 115 million tonnes, suggested forming the low-carbon metallurgical alliance.

By 2023, the group hopes to have reached carbon peak and be carbon neutral by 2050.

Story by : Norvisi Mawunyegah