Market Segment

Nucor Partners With Electra on 'Zero-Carbon' Iron
Written by Becca Moczygemba
December 8, 2022
Nucor Corp. has partnered with Boulder, Colo.-based startup Electra to develop “carbon-free” iron. The goal is to further reduce greenhouse gas emission in Nucor’s steelmaking operations.
“Just as Nucor changed the face of the steel industry 53 years ago with our first electric arc furnace, successfully developing and scaling up a zero-carbon iron product is the type of transformative technology that could change the steel industry as we know it,” Nucor chair, president and CEO Leon Topalian said in a statement on Thursday, Nov. 8.
The Charlotte, N.C.-based steelmaker also said it had made an equity investment in Electra. It did not disclose the amount of that investment.
Electra uses renewable energy to refine low-grade iron ores into high-purity iron through electrochemical and hydrometallurgical processes. The company can refine iron ore into pure iron at 140 degrees Fahrenheit using renewable electricity. After the refinement process, the iron can be used to make steel via electric arc furnaces (EAF), ultimately producing carbon-free steel, Nucor said.
“We are focused on investing our capital on opportunities like these that have the potential to take our company and the entire industry to the next level,” said Doug Jellison, Nucor’s executive vice president of raw materials, and a member of Electra’s market advisory board.
As demand for fossil-free steel continues to increase globally, many steel producers are engaging in partnerships that align with battling climate change. We previously wrote about SSAB’s collaboration for the HYBRIT initiative, ArcelorMittal’s carbon capture technology project, and US Steel’s effort to establish a clean energy hub in the Ohio, Pennsylvania, and West Virginia tri-state area. Though the areas of investment span across a range of different technologies, the end goal is the same: produce the cleanest steel possible.
By Becca Moczygemba, Becca@SteelMarketUpdate.com
 
			    			
			    		Becca Moczygemba
Read more from Becca MoczygembaLatest in Market Segment
 
		                                Gerdau’s N. American earnings rise in Q3 due to fall in imports
Gerdau’s North American profits rose in the third quarter, boosted by a decline in imports due to Section 232 steel tariffs.
 
		                                Ternium swings to Q3 loss, eyes 2026 recovery
Ternium closed the third quarter with steady shipments and improving margins. But trade policy uncertainty and subdued demand in Mexico weighed on the Latin American steelmaker’s results.
 
		                                SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
 
		                                Algoma’s losses widen in Q3 as tariff troubles continue
Algoma Steel’s net loss more than quadrupled in the third quarter on trade woes and its EAF transition. Separately, the company announced a change in leadership, as CEO Michael Garcia will retire at the end of the year.
 
		                                Cliffs, POSCO announce MoU for ‘transformative’ partnership
Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."
