NIPPON STEEL SEEKS TO REACH ZERO GREENHOUSE GAS EMISSIONS BY 2050

The target of reducing greenhouse gas emissions to net zero in 2050 is “one of the most important management issues for me,” Nippon Steel Corp. President Eiji Hashimoto, 65, told the Yomiuri Shimbun in an interview.

Hashimoto said the company would strive to achieve this goal set by Prime Minister Yoshihide Suga’s Cabinet. Countries have begun to compete over the development of environmental technologies, and he pointed out that “we need financial support from the state government,” to achieve the target.

The steel industry emits the largest amount of carbon dioxide in the manufacturing industry because when iron is extracted from iron oxide in iron ore, oxygen reacts with carbon, producing carbon dioxide.

Steelmakers around the world are trying to find ways to produce steel using hydrogen instead of carbon to prevent CO2 emissions. At present, however, it remains at the experimental level in small facilities.

For the time being, Nippon Steel aims to achieve the target by melting down steel scrap and using electric furnaces, which emit relatively little CO2.

“Japanese [companies] are ahead of other countries [in environmental technology]. I am confident that if we receive the same level of government support as in other countries, we will be able to compete [internationally],” Hashimoto said.

On the other hand, he pointed out that steelmakers in China, Europe and the United States could develop their technologies at a faster rate with government funding.

He believes that in the future, steel products must be environmentally friendly or they could lose their competitive edge.

He added: “[If we fall behind foreign rivals], the steel industry will not be able to support manufacturing and many jobs will be lost.”

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