Trane Technologies ( NYSE: TT ) said Tuesday it will purchase low-carbon steel from Nucor ( NUE ) and U.S. Steel ( X ) for its U.S. manufacturing operations in an effort to cut the carbon impact of its sustainable heating, ventilation and air conditioning products.
Trane ( TT ) said it will use Econiq steel from primary supplier Nucor ( NUE ) and an additional allotment of verdeX steel from U.S. Steel ( X ) to build high-efficiency heat pumps and air conditioners for homes, as well as thermal management systems for commercial buildings such as schools and data centers.
The low-carbon steel, which will represent 20% of Trane's ( TT ) annual steel purchase, is nearly 80% less carbon intensive than traditional blast furnace steel, according to the company.
The company expects to reduce nearly 16K metric tons/year of carbon, with a reduction of 120K metric tons by 2030, the equivalent of emissions generated from powering more than 55K homes for one year; the steel industry currently accounts for ~8% of global carbon emissions.
Trane Technologies ( TT ) recently reported Q3 adjusted earnings of $2.27/share on revenues of $4.37B and raised its earnings guidance for the full year .
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Trane to use low-carbon steel from Nucor, U.S. Steel in U.S. HVAC operations