Rio Tinto Invests $143M in Low-Emission Steel Research And Development
Portfolio Pulse from Stjepan Kalinic
Rio Tinto (NYSE:RIO) is investing $143 million in a new research and development facility in Western Australia to advance low-emission steelmaking technology. The facility will focus on the BioIron™ process, which uses biomass instead of coal, potentially reducing CO2 emissions by 95%. The project will create jobs and support collaboration with local universities.
June 04, 2024 | 11:07 am
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Rio Tinto's $143M investment in a low-emission steel R&D facility could significantly advance sustainable steelmaking, potentially reducing CO2 emissions by 95%. This move aligns with global trends towards decarbonization and could enhance Rio Tinto's market position.
The investment in low-emission steelmaking technology positions Rio Tinto as a leader in sustainable practices, which is increasingly important to investors and regulators. The potential 95% reduction in CO2 emissions could attract environmentally conscious investors and improve the company's long-term prospects.
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