Steel Company Sets Net Zero Goal
U.S. Steel is one of the largest steel produces in the USA. They have set Science Based Targets for reaching Net Zero by 2050 in a "difficult to decarbonize industry".
This is a big deal... the Steel industry, yes, I said the Steel industry is making some serious moves in sustainability.
An industry considered by many to be a laggard in sustainability can now claim one steelmaker that is making serious strategies and plans toward a Net Zero future.
U.S. Steel, the second largest steel producer in the USA has taken a deep dive into their climate risks, carbon footprint, and set a strategy to decarbonize their operations.
The Good News
-Appointed a Chief Strategy & Sustainability Officer
-Developed a new low emission steel product called verdeX®. Generates 70-80% less emissions than traditional steel.
-Set a Net Zero Goal (this is big for a steel company)
The Less Good News
-2030 Climate goal of 20% reduction of Scope 1 and Scope 2 emissions could be more aggressive.
-Net Zero Goal is 2050 and only covers Scope 1 and Scope 2 emissions
What this Means for Firms in Steel Industry?
-Customers are demanding low emissions steel products --> U.S. Steel isn't going to ingrain sustainability into their strategy if it didn't make financial sense.
-If your steel-related business hasn't started evaluating your carbon footprint, you're falling behind. --> You're putting your business and revenue at risk.
-It's time to create a decarbonization strategy. --> Customers want lower emissions steel products!
