Erdemir, the largest steel producer in Turkey, has pledged $3.2 billion (€2.9 billion) of green investment to cut its emissions by a quarter before 2030, reported Reuters.
The Erdemir integrated steel mill will utilise biomass and natural gas to reduce coal consumption. In the meantime, the company will build new electric arc furnaces at its facilities in the north and south of the country, according to Serdar Basoglu, CFO of controlling shareholder OYAK Mining Metallurgy.
He said that current capacity of 9.5 million metric tons of crude steel is expected to incease to 13.5 million tons with the introduction of electric arc furnaces.
The company’s aim is to reduce its scope 1 and 2 emissions by 40% by 2040, and to become carbon neutral by 2050.
Basoglu said the company envisages more than 70% of the investment to be funded by foreign loans.