CHARLOTTE, N.C., Aug. 3, 2023 /PRNewswire/ -- Nucor Corporation (NYSE: NUE) continues to spearhead sustainability efforts in the steel industry as a founding member of the Global Steel Climate Council (GSCC), which released The Steel Climate Standard—a global standard to measure and report carbon emissions in the global steel industry.
The Steel Climate Standard, developed by GSCC, sets a precedent by establishing a single, process-agnostic standard and mandating science-based emission targets for steel manufacturers globally. In contrast to other proposals that consider a "ferrous scrap usage sliding scale," The Steel Climate Standard is ambitious, auditable, inclusive, and transparent.
Greg Murphy, Executive Vice President of Business Services and General Counsel at Nucor Corporation and Chair of the GSCC, emphasized, "Creating a dual standard would allow high-carbon emissions steel to be prioritized over lower-carbon steel. This would serve to discourage innovation and allow high-carbon steelmakers to postpone making changes in their production process."
The Steel Climate Standard, built on three key objectives, aims to:
- Provide a single, technology-agnostic framework for steel product certification and company science-based emissions target-setting that applies equally to all steel producers globally.
- Enable steel customers to make informed choices by knowing the carbon emissions associated with the steel products they purchase.
- Align with the Paris Climate Agreement's emissions reduction goals by 2050.
"I'm proud that this standard was designed through a collaboration of steel companies and associations from around the world. It will guide all steel manufacturers worldwide toward decarbonization. It can also guide governments, steel customers and other stakeholders to encourage policies and practices that support this pivotal path to net zero," said Leon Topalian, Chair, President and Chief Executive Officer of Nucor.
As a leading participant in GSCC, Nucor is one of the cleanest steelmakers in the world. The company adopts circular steelmaking through electric arc furnaces (EAF) and recycling scrap metal. Nucor's innovative approach results in greenhouse gas emissions (GHG) intensity less than half of the global average and only one-third of the average extractive blast furnace steel producer. Last year, the company achieved its lowest Scope 1, 2, and 3 GHG intensity in its history.
To review the standard please visit https://globalsteelclimatecouncil.org.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
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SOURCE Nucor Corporation
