This Morning in Metals: Rio Tinto, POSCO sign climate MoU

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This morning in metals news: miner Rio Tinto and POSCO, South Korea’s largest steel producer, have signed a memorandum of understanding (MoU) to work toward a low-carbon-emission steel value chain; meanwhile, Steel Dynamics announced plans to reach carbon neutrality by 2050; and, lastly, U.S. job openings were little changed in May from the previous month.

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Rio Tinto, POSCO sign climate MoU

Rio Tinto sign

Argus/Adobe Stock

Rio Tinto and South Korea’s largest steel producer, POSCO, have signed an MoU aimed at a greener steel value chain.

“The partnership will explore a range of technologies for decarbonisation across the entire steel value chain from iron ore mining to steelmaking, including integrating Rio Tinto’s iron ore processing technology and POSCO’s steelmaking technology,” Rio Tinto said in a release.

Both companies aim to reach net-zero carbon emissions by 2050.

Steel Dynamics announces climate plan

Meanwhile, U.S. steelmaker Steel Dynamics on Wednesday announced its goal to achieve carbon neutrality by 2050.

In addition, the steelmaker will set interim emissions reduction and renewable energy milestone targets, which it aims to achieve by 2025 and 2030.

“On the path to carbon neutrality, Steel Dynamics is targeting a 20% Scope 1 and Scope 2 combined greenhouse gas (GHG) emissions intensity reduction across its EAF steel mills by 2025 and a 50% reduction by 2030, compared to a 2018 baseline,” the steelmaker said. “Additionally, the company plans to increase the use of renewable electrical energy for its EAF steel mills to 10% by 2025 and 30% by 2030.”

Job openings unchanged in May

U.S. job openings did not move much in May compared with the previous month, the Bureau of Labor Statistics reported.

Openings reached 9.2 million in May. Meanwhile, hires also changed little, totaling 5.9 million.

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