Liberty Steel investing to become carbon neutral by 2030
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Combustion Industry News Editor
Liberty Steel is to invest €2 billion (US$2.18 billion) in its steel plants on the European continent as part of its target to make its business carbon neutral by 2030. The world’s eighth-largest steel producer outside of China, Liberty Steel already has a focus on electric arc furnaces, and some of the investment will go into installing new such furnaces in Czech Republic and Romania. Although some of the investment will be funded by “improved performance of the businesses themselves”, the decision is still considered risky, as global steel production, including in Europe, is currently over capacity. Yet there is strategic sense in the move, too, as the ability to supply carbon-neutral steel will probably gain value in the marketplace over the next decade, providing something of a competitive advantage if rival producers cannot offer the same.