Recent Outcomes
The Case for Electric Arc Furnaces
Traditional steelmaking is done by a conventional blast furnace. An Electric Arc Furnace (EAF) heats material by means of an electric arc. Advantages to an EAF include: • Smaller and more efficient • Does not use a coke oven, a coal-based fuel source • Recycles scrap steel instead of raw materials, avoiding the mining process • Generates 75% less CO₂ per ton of steel produced
U.S. Steel 2021 Unveils its new sustainable steel line at Ceres Global and pledges to be carbon neutral by 2050—the first steel company to do so. 2023 Announces a deal to supply General Motors with low emissions steel from its electric arc furnace mill, Big River Steel.
Steel Dynamics 2021 Unveils one of the most ambitious carbon neutrality commitments among steelmakers worldwide, pledging to reduce GHG emissions 20% by 2025, 50% by 2030, and be fully carbon neutral by 2050. Additionally, the company plans to increase the use of renewable electrical energy for its EAF steel mills to 10% by 2025 and 30% by 2030.
Nucor 2023 The largest steelmaker in the U.S. and the 15th largest steelmaker in the world, commits to adopting its first 1.5°C target inclusive of Scope 3 emissions.
The EAF industry represents 70% of U.S. steel making, paving the way for global transitions.
Electric arc furnace
Conventional blast furnace
| deep dive: steel
2023 Leadership Circle Executive Summary | 19
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