RIO - Rio Tinto Invests $143M in Low-Emission Steel Research And Development | Benzinga
Mining leader Rio Tinto (NYSE:RIO) has announced a $143 million (A$215 million) investment to establish a new research and development facility in Western Australia dedicated to low-emission steelmaking. The facility will focus on advancing the BioIron™ process, an innovative ironmaking technology that uses biomass instead of coal.
"The world needs low-carbon steel to reach net zero, and we are working to make this a reality by finding better ways to turn our Pilbara ores into steel," said Simon Trott, Chief Executive of Rio Tinto Iron Ore.
Steel production is a major contributor to global greenhouse gas emissions, responsible for approximately 8% of the total. BioIron offers a transformative approach by using raw biomass and microwave energy to convert Pilbara iron ore into metallic iron, replacing coal ...