Chicago, IL: PreScouter, a Chicago-based research intelligence firm has released a detailed report highlighting environmental concern that with each passing year, mega metal industries around the globe are increasing their annual spending on carbon credits due to increased productivity. This is being demotivated by several international environment agencies because of the resulting, possibly, irreparable damage.

International and national agreements are increasing pressure across all industrial sectors – including the steel the manufacturing sector – to pursue decarbonization. In order to reduce the associated carbon intensity, some countries and regions have launched their own low-carbon steelmaking programs. The steel manufacturing industry needs to follow strategies such as these, which we highlight in this report:

• Green Hydrogen
• Carbon Capture
• Renewable Energy

The price of carbon credits is going up and paying them can only be an acceptable short-term solution but relying on just that is not the ultimate solution. In parallel with buying carbon credits, the steel industry should be looking into decarbonization pathways and technologies to achieve CO₂ reduction and, more ambitiously, full decarbonization. The 3 approaches, stated above, can and should be combined today to achieve the intermediate target of a carbon footprint reduction in the next few years and the ultimate goal of carbon neutrality in 2050, which is held by many companies.

In this report, PreScouter aims to help iron and steel clients get started with reducing their organization’s carbon footprint in three ways.

Firstly, identifying the most promising technologies to produce green hydrogen and who the best vendors for a strategic partnership for a green hydrogen supply are. Secondly, assessing the latest and most impactful technologies in the iron-making process as well as scouting for key partners in the space. And finally, reviewing and ranking companies offering carbon capture & storage/utilization.

Currently, the steel and iron industry is facing a number of decarbonization challenges. There is a growing demand for carbon-friendly steel products in addition to growing investor and public interest in sustainability. This is coupled with challenges in complying with new political regulations and varying carbon dioxide prices. Despite the launch of international and national programs for low-carbon steelmaking, some techno-economically feasible solutions are still in research and development.

Christian Salles, co-author and Technical Director of PreScouter sheds light on the matter: “Investment in lowering emissions today, will pay its dividends in the future when more restrictions on greenhouse gases are very likely to be implemented, while other strategies could lead to considerable losses for steel manufacturing companies.”

About PreScouter, Inc.: PreScouter provides research support services to help business leaders make better R&D, product development, and corporate development decisions. PreScouter’s custom-selected teams of Advanced Degree Researchers and Subject Matter Experts connect business leaders with new markets, commercialized technologies, industry-impacting startups, and other actionable data. PreScouter’s growing list of 500+ clients includes GE Healthcare, Coca Cola, BAE Systems, Whirlpool, and Volvo.