BlueScope aims to be carbon neutral by 2050.
The company announced that it will accelerate the feasibility study to build a new electric arc furnace at its New Zealand Steel plant. The construction of the electric arc furnace is estimated to cost approximately NZ$300 million and will be funded by the New Zealand Government.
The new arc furnace is expected to be operational by 2026 and is expected to reduce NZ Steel's Scope 1 and 2 greenhouse gas emissions by at least 45%.
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