According to Reuters, the company aims to reduce emissions by 30% from 2013 levels over the next eight years.
To that end, JFE said in a statement it has agreed to work with Japanese general trading company Itochu Corp. and Emirates Steel Arkan, the largest steel company in the United Arab Emirates (UAE), to develop a low-carbon ironmaking supply chain.
Under the plan, Emirates Steel will produce low-CO2 iron by way of natural-gas-based direct reduction, but with carbon emissions being injected into UAE oilfields for enhanced oil recovery.
JFE would then buy the iron produced through this project as a steelmaking raw material. A joint-venture plant is to be built in the UAE, with production expected to begin in the second half of fiscal 2025.