A steel beam in a factory.

Fortescue has entered into a Memorandum of Understanding (MoU) with China Baowu Steel Group Corporation (China Baowu) in an effort to collaboratively reduce the emissions associated with iron and steel manufacture.

The collaboration will explore lower emissions iron making technology at one of China Baowu’s operations in China using Fortescue iron ore and green hydrogen, iron ore beneficiation research and development ,and collaboration opportunities in renewable energy and green hydrogen. 

Fortescue Metals CEO, Fiona Hick, said this MoU further strengthens Fortescue’s long standing partnership with China Baowu, the world’s biggest steelmaker and Fortescue’s largest customer, and reflects its collective commitment to eliminate emissions.

“Fortescue is exploring a range of options to reduce emissions in the steel value chain including through partnerships with suppliers, customers and research institutes,” Ms Hick said. 

“We firmly believe that collaboration and partnerships such as this will be integral to developing the technologies required to deliver on our ambitious target of net zero Scope 3 emissions by 2040.”

China Baowu’s Chairman, Derong Chen, said collaboration with iron ore suppliers and enhancing the strategic planning of iron ore are key to Baowu’s strategy. The green and low carbon transition provides Baowu with significant challenges and development opportunities. 

“Fortescue’s strategy of transitioning into a green energy and resources company is aligned with Baowu’s future development plan. We look forward to conducting more substantive collaborations together on iron ore, green energy and resource development.”

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