Rio Tinto signs MoU with China Baowu to decarbonise steel value chain
The world’s biggest steelmaker, China Baowu, and the world’s largest iron ore producer, Rio Tinto (ASX:RIO), have signed a Memorandum of Understanding (MoU) to explore multiple new industry-leading projects. The projects include the research, build and demonstration of a pilot-scale electric melter at one of Baowu’s steel mills in China. This will enable the production of low-carbon steel making using direct reduced iron produced from low and medium grade ores. Other projects include optimising pelletisation technology for Australian ores as a feedstock for low-carbon shaft furnace-based direct reduction and expanding the development of China Baowu’s HyCROF technology which largely mitigates CO2 emissions from the blast furnace process. Both companies...