Economy
Rio Tinto Inks Decarb MoU with China's Baowu
June 12, 2023
Rio Tinto said it has signed a memorandum of understanding (MoU) with Chinese steelmaker Baowu to explore projects in China and Australia to help decarbonize the steel value chain.
The global metals and mining company commented that the move follows the recently announced $2-billion Western Range joint venture in the Pilbara region of western Australia involving both Rio Tinto and Baowu.
“Rio Tinto and China Baowu are united in a commitment to accelerating the delivery of low-carbon solutions for the entire steel value chain,” Rio Tinto chief commercial officer Alf Barrios said in a statement.
He noted that the MoU aims to address the challenge of “developing a low-carbon pathway for low-to-medium grade iron ores, which account for the vast majority of global iron ore supply.”
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.