Energy Efficiency, GHG Emissions, Industrial - November 21, 2023
US Steel Explores Expansion of Low-Carbon Products
United States Steel Corporation could lower its emissions by expanding its low-carbon and specialized products.
This strategy by the steel manufacturer would meet the increased market demand and increased consumption of steel used in production and distribution of renewable energy, especially with its verdeX® steel and InduX™ electrical steel, according to a statement.
Details were provided in U.S. Steel’s 2023 Task Force on Climate-Related Financial Disclosures (TCFD) report, which outlines how its climate-related risks are managed, what climate-related opportunities exist and the company’s approach to addressing climate-related issues.
U.S. Steel could also integrate updated climate risk considerations and inform its Enterprise Risk Management (ERM) program while strengthening its overall resilience, according to the TCFD report.
Additionally, the company reported it would expand its mini mill capability, leverage its iron ore capabilities and expand its finishing assets to reduce cost structure, reduce carbon intensity and produce differentiated steel products to meet customer needs. The strategy was produced after an assessment of climate-related risks and opportunities in the steel industry, as well as potential climate impacts on the company’s facilities, customers and suppliers.
In 2021, U.S. Steel announced a goal to achieve net-zero carbon emissions by 2050.
The 2023 TCFD report reaffirms U. S. Steel’s commitment to providing stakeholders with increased transparency and disclosure into its sustainability program. This year’s report reassesses U. S. Steel’s climate-related physical and transition risks while adding new location-based quantitative impact assessments of facilities and suppliers.
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