Nippon Steel Corporation and Rio Tinto have signed a Memorandum of Understanding (MoU) to jointly explore, develop, and demonstrate technologies to transition to a low-carbon emission steel value chain.
With this MoU, Nippon Steel and Rio Tinto are looking to enhance their long-standing relationship by extending it into new areas in support of the shared goal of significantly reducing carbon emissions across the entire steel value chain.
The purpose of this partnership is to explore a breadth of technologies for decarbonization of the entire steel value chain from iron ore mining to steelmaking, including integrating Nippon Steel’s steelmaking technology and Rio Tinto’s iron ore processing technology to establish an innovative steel manufacturing process with low carbon emissions.
The partners have agreed to a partnership model in line with the long-term and complex nature of the transition to carbon neutrality for the steel industry. This model allows the partners to take a long-term view to enable the pursuit of new and promising technologies as the global steel transition evolves.