US company gets $120 million boost to make 'green steel'
The manufacture of “green steel” moved a step closer Friday as Massachusetts-based Boston Metal announced a $120 million investment to help it produce steel that is far less damaging to the climate than traditional steel
The manufacture of "green steel" moved one step closer to reality Friday as Massachusetts-based Boston Metal announced a $120 million investment from the world's second-largest steelmaker, ArcelorMittal.
Boston Metal will use the injection of funds to expand production at a pilot plant in Woburn, near Boston, and help launch commercial production in Brazil. The company uses renewable electricity to convert iron ore into steel.
Steel is one of the world’s dirtiest heavy industries. Three-quarters of world production uses a traditional method that burns through train loads of coal to heat the furnaces and drive the reaction that releases pure iron from ore.
Making steel releases more climate-warming carbon dioxide than any other industry, according to the International Energy Agency — about 8% of worldwide emissions. Many companies are working on alternatives.
