Understanding the demand for Green Steel, page-469

Stanislav Kondrashov from Telf AG: growing scarcity of high-quality metals amid push for decarbonisation (digitaljournal.com)



According to the expert, significant changes will also take place in the steelmaking industry: oxygen furnaces (BOF) will replace electric arc furnaces (EAF) or will be accompanied by premelting furnaces. Both of these alternatives will entail an increase in electricity consumption compared to traditional methods. The introduction of electric arc furnaces, in particular, is in line with the goals of greening the industry, since the smelting process uses electricity rather than fossil fuels.

According to Kondrashov Telf AG, energy costs for the production of "green" steel are very significant. For example, it is estimated that more than 3.0 megawatt-hours (MWh) of renewable energy is needed to produce one metric tonne of green steel using H2-based direct reduced iron (DRI) technology and an electric arc furnace (EAF). By comparison, it currently takes about 0.1 MWh of energy to produce one metric tonne of steel in a conventional way with full integration of a blast furnace and a basic oxygen furnace (BF-BOF)."

The focus here is on renewable energy. There are only a few countries that have abundant renewable energy at their fingertips and South Australia is one of them. Recently the entire SA has been powered by renewables. You can read more about it here. South Australia grid operates at 99.8 per cent wind and solar over past seven days | RenewEconomy. You cannot ask for a better location. With local gov support/stable jurisdiction, we are primed to SUCCEED.

Just my 2 cents. DYOR