Met coal to play crucial role in decarbonization for at least 15 years: Anglo American CEO
The mining industry has a key role to play in energy decarbonization, executives of diversified miner Anglo American said in presentations to Bank of America’s Global Metals and Mining Conference this week.
Part of this role will be to continue to produce metallurgical coal for the next 15-20 years to help the world decarbonize because this is used in steel, they said.
Steel is said to be an infinitely recyclable metal, whose demand is growing not only for construction but also for use in new energy applications such as electric vehicles and windfarms.
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Part of this role will be to continue to produce metallurgical coal for the next 15-20 years to help the world decarbonize because this is used in steel, they said.
Steel is said to be an infinitely recyclable metal, whose demand is growing not only for construction but also for use in new energy applications such as electric vehicles and windfarms. The world needs met coal to produce steel and the world needs steel to decarbonize their economies, Anglo American CEO Mark Cutifani said in a May 18 presentation to the conference. We can t be simplistic in responding to trends on coal, he said.
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Crafting greener steel is crucial to achieving the decarbonization necessary to meet global targets aligned with the Paris Agreement on climate change, but many challenges lie ahead.
Steel is an emissions-intensive material used in a broad array of products. Producers are under rising pressure to lower their environmental footprints as investors increasingly focus on environmental, social and governance issues.
Major steel companies worldwide have committed to net-zero emissions by 2050, including Luxembourg-based steelmaker ArcelorMittal, Japanese producer Nippon Steel Corp., South Korean company POSCO, and China Baowu Steel Group Corp. Ltd.
World Steel Association data from 2019 shows that ArcelorMittal is the largest steel producer in the world. It also produces the most greenhouse gas emissions in the sector, according to data from Trucost.