The steel industry is on the cusp of a revolutionary change that could make lower-grade iron ore commercially viable, according to a new study conducted by researchers at Heriot-Watt University. This breakthrough could pave the way for a decarbonized steel industry that is not only carbon neutral but also carbon negative.
With steel accounting for a significant 5-8% of global carbon dioxide emissions, the need for innovative solutions is more urgent than ever. The researchers at Heriot-Watt University have developed a techno-economic model that demonstrates how deep emissions mitigation combined with financial incentives could result in a carbon-negative steel industry.
The key to this transformation lies in the commercialization of new zero-emission production processes. By incorporating measures like directly reduced iron, biomass-based reductants, and carbon capture and storage, the steel industry could achieve significant carbon dioxide removal. In fact, by leveraging byproducts like slag from steel production to capture atmospheric carbon dioxide, the industry could remove up to one gigaton of carbon dioxide per year by 2050.
One surprising finding from the study is that once financial incentives and carbon removal technologies are in place, lower-grade iron ores become economically viable. This is a game-changing revelation for an industry that has traditionally favored higher purity ores due to their lower energy and material requirements.
The researchers emphasize the importance of government support and incentives to drive the transition towards a carbon-negative steel industry. With the right policies in place, the integration of advanced emission reduction technologies and the use of lower-grade ores could not only combat climate change but also spur industrial growth and innovation. This study offers a glimmer of hope for a more sustainable and environmentally friendly future for the steel industry.
