Green Steel Is Coming. Europe Is Leading the Charge Thanks to New Carbon Taxes. - WSJ
By 2030, the continent is expected to be home to nearly 50 green and low-carbon steel projects, according to the Leadership Group for Industry Transition’s compilation of projects. In comparison, the U.S. only has two such projects. The need for conversion to low-carbon systems is greater in Europe, where 57% of steel is produced in coal-fired blast furnaces and the rest from electric-arc furnaces. In the U.S., the ratio is more like 30% coal and 70% electric furnaces.But as most American mills are powered by fossil-fuel-based electricity, European investment would see the continent leapfrog the U.S. in low-carbon steelmaking, giving it a much larger local supply of green steel."
Where do you think they are going to source their raw materials from? China? PNG? Saudi Arabia? Or an ally like Australia? MGT perhaps?
Understanding the demand for Green Steel, page-467
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