Rio Tinto invests $143m in low-emissions ironmaking R&D facility [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Yahoo! Finance
This facility, located in the Rockingham Strategic Industrial Area, is a significant step towards decarbonising the global steel value chain. Following successful trials in Germany, the new facility will scale up the innovative ironmaking process, which utilises biomass and microwave energy to convert iron ore into metallic iron during steel production. This method has the potential to slash carbon emissions by up to 95% compared to traditional blast furnace techniques. In this context, Rio Tinto highlighted the steel industry's significant carbon footprint, accounting for 8% of global emissions and 69% of the company's scope 3 emissions in 2023. It added that the BioIron process, a result of a decade of research by Rio Tinto's steel decarbonisation team, consumes around 33% of the electricity of other renewable hydrogen-based steelmaking processes. The pilot plant at the BioIron facility will be ten times the size of the German prototype and marks the first semi-industrial
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