Ferrexpo PLC on Wednesday hailed test results showing that using its direct reduction iron pellets cuts carbon emissions from steel production by more than a third.
The Baar, Switzerland-headquartered company produces iron pellets in Ukraine. Its DR pellets are a type of iron ore used in steel making that enables either natural gas, electricity or hydrogen, rather than coal, to be used as the means of converting the ore to steel .
Acting Chief Marketing Officer Yaroslavna Blonska said: ‘The life cycle assessment we completed with Ricardo PLC, which was also independently verified, has determined that when a steel manufacturer uses Ferrexpo’s DR pellets in an electric arc furnace, to produce a tonne of steel billet, 37% less carbon is emitted compared to traditional steel production methods.’
The company is conducting further research to explore ways in which it can reduce its environmental impact in other domains including water and waste.
Ferrexpo shares were down 2.4% to 44.85 pence each in London on Wednesday morning.
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