A global alliance of steelmakers and mining companies has been brought together by the Chinese steel giant China Baowu Steel Group. The idea was first mooted in late 2019.

The idea behind the new alliance is to tackle climate change and cut greenhouse gas emissions, according to a recent online media report.

Alliance member companies include ArcelorMittal, BHP Group, Rio Tinto, Vale, Fortesque Metals Group, Tata Steel, ThyssenKrupp, Angang Group, HBIS Group and Shagang Group.

According to Hou Angui, vice general manager at Baowu, tackling climate change alone is a big ask. Hou is also the secretary-general of the new alliance.

Baowu has announced funding of $5.5 million annually to research low-carbon metallurgy.

China Baowu Steel Group's current steel output is something like 115Mt and the company hopes to reach peak carbon by 2023 and carbon neutrality by 2050.

Source: Financial Post