Germany-based RENK Group, a manufacturer of mission-critical drive technologies, is supplying three high-speed special gear units via RENK-Maag GmbH, a group company, for compressors for the production of green steel to Siemens Energy Compressors GmbH as part of the “SALCOS” (Salzgitter Low CO2 Steelmaking) project of the Salzgitter AG steel group.
Article about green steel more broadly across Europe: https://www.bbc.com/news/business-64538296
Some highlights:
The centrepiece of the new steel plant will be a tall structure called a DRI tower (DRI means a direct reduction of iron). Inside this, hydrogen will react with iron ore to create a type of iron that can be used to make steel. Unlike coking coal, which results in carbon emissions, the by-product of the reaction in the DRI tower is water vapour.
H2 Green Steel hopes to produce five million tonnes of green steel a year by 2030. Global annual production is currently around 2,000 million tonnes, according to figures from the World Steel Association.
Meanwhile, the EU is in the process of finalising a new strategy called the Carbon Border Adjustment Mechanism, designed to make it more expensive for European companies to import cheaper, non-green steel from other parts of the world.
She also points to a “a crucial window of action” between now and 2030, with around 70% of steelworks around the world in need of repair and reinvestment during this period.
