Vale to invest in new joint venture of carbon-neutral steel plant in France, aiming to start production in 2027
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Update time : 2023-05-15 17:23:37
It is reported that the Brazilian miner giant Vale has signed a memorandum of understanding (MoU) with French sustainable iron ore company GravitHy to seek solutions focused on a carbon-neutral steel production process using Vale's iron ore briquette technology.
According to Vale, the new plant of direct reduced iron is located in Fos-sur-Mer in France; it would be built jointly by both companies and should start production in 2027, using hydrogen to reduce substantially carbon emissions.
According to the plan, the new joint plant costs an investment of €2 billion and has the capacity to produce 2 million tons of steel per year. The construction is expected to start in 2024.
