In September 2018, the ABC’s hit documentary series Australian Story tracked ...
‘If we’re serious about climate change and we want to capture value in decarbonisation, we need to change quickly,’
That was the message from Sandip Biswas, GFG Alliance’s Group Chief Investment Officer and LIBERTY Steel’s Interim CEO, Primary Steel & Mining Europe & Australia, at Fastmarkets Steel Success Strategies 2022 in Miami USA, where he spoke of the long-term trends affecting steel and LIBERTY’s approach to the GREENSTEEL transition.
Here are the top takeaways:
- Population growth is expected to make steel demand almost double by 2050 – a huge opportunity for steel producers
- But steel accounts for almost 10% of global CO2 emissions, so we need to transform steelmaking to be more sustainable
- Successful steel companies of the future will be the ones that manage to achieve this transition quickly
- Renewable energy will be essential to making GREENSTEEL, so companies will gravitate towards places that have secure, abundant and cheap energy – like Australia
- This transition will depend on having a supportive policy environment; supply of renewable energy; demand for sustainable steel; investment in low carbon technologies; and, finally, inspired and skilled people working in our industry
Did you know?
- 2 bn is the number India’s population is expected to reach within a generation. This will continue to drive demand for steel as a growing middle class seek out cars, homes and consumer goods.
- 1.3 Gt is the amount of CO2 emissions reductions that the Net Zero Steel Initiative predicts could be unlocked by early progress on steel decarbonisation. That’s almost equal to taking every vehicle off the road in the US for two and a half years.
- 250 Mw is the capacity of the hydrogen production plant that South Australia’s Premier has committed to build in Whyalla by 2025. This will support our hydrogen steel making plans at our Whyalla steel plant.