Vale informs that it has reached a non-binding heads of agreement to establish a new venture (NewVen) to supply low GHG (greenhouse gases) metallics and steel making solutions to the steel industry with Kobe Steel, Ltd and Mitsui & Co., Ltd.
The heads of agreement establish the preliminary terms and conditions for the creation of a NewVen with the objective of delivering low CO2 metallics to the global market, providing new technological solutions to our clients. An evaluation period has already begun to deepen the cooperation and to gauge market demand for several existing and new steel making solutions prior to a final agreement for the creation of the NewVen.
Our declared 2030 targets for scope 1 and 2 emissions demonstrate Vale’s commitment with the Paris Agreement, in line with our strategic pillar – New Pact with Society – and the goal of improving our value to society. Steel production, part of Vale’s scope 3, while essential for people’s daily lives, generates considerable CO2 emissions. Vale is committed to contribute with its steelmaking clients in this challenge of reducing carbon footprint. The NewVen will use existing and new low-CO2 iron making technology such as Tecnored®️ Technology and Midrex®️ Process.
