Following the announcement of BlueScope’s net profit, the company announced its plans for future funded projects, including projects focusing on furnaces.

BlueScope announced its goal to reach net zero greenhouse gas emissions by 2050, covering operational scope 1 and 2 GHG emissions across its global operations.

Mr Vassella said the Company would allocate up to $150 million over the next five years on near-term action on climate change. He elaborated:

“This immediate capital allocation will fund our technology plan that seeks to optimise current operating assets and prepare for emerging and breakthrough technologies... We are actively investigating the use of biochar as a replacement for a proportion of pulverised coal injection into the blast furnace, and are seeking government co-funding for this and other pilot projects, including a hydrogen electrolyser to trial hydrogen injection in the blast furnace… We are serious about playing our role in meeting the decarbonisation challenge.”

Mark Vassella, Managing Director and CEO of BlueScope

Mr Vassella went on to further announce that the Company would reveal details of its climate action plan when it releases its Climate Action Report in early September.

The company also released an update on the Port Kembla Steelworks Blast Furnace, first announced in February. BlueScope stated that its Blast Furnace No.5 is approaching the end of its current operating campaign, which is expected to occur sometime between 2026 and 2030.

The company also announced that the initial focus is on the option to reline the currently mothballed No.6 Blast Furnace. The pre-feasibility assessment is well progressed as part of a rigorous multi-stage capital investment evaluation process, with further updates to be provided during 1H FY2022. The highly indicative capital cost is around $700-$800M, likely to be spent over FY2023 to FY2025.

This pre-feasibility work aligns with BlueScope’s climate strategy and technology pathway. As part of the reline assessment, latest technologies available to reduce GHG emissions intensity will be evaluated as an integral part of the project.

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