Steel Mills
Nucor Launches Econiq Net-Zero Green Steel
Written by Tim Triplett
October 5, 2021
In the latest salvo in the emerging battle for green steel dominance, Nucor has launched Econiq, a new line of net-zero carbon steel products.
“Building the green economy and the necessary infrastructure requires clean, advanced steel products. By introducing Econiq, Nucor is providing confidence for steel consumers to know they are purchasing the lowest greenhouse gas (GHG) emissions steel product available,” the steelmaker said in a release.
Nucor claims Econiq is the first of its kind at scale for the United States steel industry. It will be produced utilizing 100% renewable electricity and high-quality carbon offsets to negate any remaining Scope 1 and 2 emissions. The Econiq brand will be available across Nucor’s diversified product offerings.
“The green economy is being built on steel, and Nucor is proving that it can be produced in a sustainable way that can help the world meet its climate goals,” Nucor President and CEO Leon Topalian said. “For more than 50 years, Nucor has been built on a sustainable model of recycling steel to produce new steel and steel products. The addition of Econiq is a logical extension to our innovation legacy in the steel industry.”
Nucor also announced that General Motors would be Nucor’s first customer for Econiq beginning in the first quarter of 2022. The companies project that all steel purchased by GM from Nucor will be net carbon neutral by the end of 2022.
“We commend Nucor for their commitment to net-zero carbon steel solutions and look forward to working with them to utilize their innovative Econiq steel in our vehicles. It brings GM one step closer to its vision of a zero emissions future,” said Shilpan Amin, GM vice president of global purchasing and supply chain.
Initial quantities of Econiq products will be limited, said Nucor, which expects immediate interest in the brand from the automotive, construction, renewable energy and infrastructure sectors.
Nucor’s use of recycled scrap-based electric arc furnace technology at all of its 24 U.S. mills enables the company to operate at 70% below the current GHG intensity for the steel industry in general and to meet even the most aggressive emission intensity benchmarks that are part of the Paris Climate Agreement, the company claims.
The United States is already the cleanest place in the world to make steel, accounting for less than 2% of the GHG emissions from global steel production. As Nucor and its competitors jockey for position in the new green steel segment, that percentage could decline even further.
By Tim Triplett, Tim@SteelMarketUpdate.com
Tim Triplett
Read more from Tim TriplettLatest in Steel Mills
SSAB announces $74M expansion in Alabama
The project will expand heat treat capacity at its Axis, Alabama plant
ArcelorMittal’s EAF in Alabama expects first heat in Q2
The facility at AMNS Calvert will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material.
Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.
SSAB reports higher production, shipments
But profits slipped vs. last year.
Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.