U. S. Steel Unveils New Emissions Target: Net Zero by 2050
“Climate change is a global crisis that requires a global response. Today, by announcing our net-zero goal, U. S. Steel is committing to doing our part to support the U.N. Paris Agreement on climate change to achieve global carbon neutrality by 2050,” said U. S. Steel president and chief executive David B. Burritt. “With our 120-year history of innovating to solve any challenge, U. S. Steel intends to be a part of the climate solution.”
The company said its net-zero goal builds on previously announced ambitions to reduce greenhouse gas emissions intensity by 20% over the next nine years. It said it will reach the new target by leveraging its fleet of electric arc furnaces and taking advantage of other technologies such as direct reduced iron, carbon capture and sequestration, and renewable energy.
Also on Wednesday, U. S. Steel said it has joined the ResponsibleSteel initiative, a multi-stakeholder certification program that includes ArcelorMittal, voestalpine, BlueScope Steel and others. U. S. will be the first North American producer in the program, which is meant to drive the responsible sourcing, production, use and recycling of steel.
“By joining ResponsibleSteel we are demonstrating our intent to take our efforts beyond goals and actually deliver profitable solutions for our stakeholders and the planet," Burritt said.
And in yet another environmental, social and corporate governance move, the company said Richard L. Fruehauf, senior vice president for strategic planning and corporate development, has been named chief strategy and sustainability officer.
“This linkage of the company’s strategy and sustainability priorities is designed to further integrate Scope 1 and 2 transitions with the company’s strategy. It also strengthens support for customer and supplier implementation of their own net-zero targets, to ensure process inputs and steel use conform to net zero,” the company said.