Cleaner Tech
Japan’s Top Steelmaker Eyes $700 Million ‘Green Steel’ Project
- Nippon Steel to replace coal with hydrogen to cut emissions
- Australia or Brazil are possible sites for the new investment
A hot steel slab moves along a conveyor of a plate mill at the Nippon Steel plant in Kashima, Ibaraki, Japan.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
Japan’s biggest steelmaker is considering a major investment in a green steel project powered by hydrogen as a global push to decarbonize one of the world’s most polluting industries gathers pace.
Nippon Steel Corp. is exploring a project outside its home market that may cost an estimated 100 billion yen ($733 million) or more, according to Takahiro Mori, executive vice president who oversees global operations. Australia and Brazil are among possible sites, where high-grade iron ore is accessible along with cheaper electricity than in Japan, he said in an interview.