US steel giant Nucor Corp has announced its ‘science-based’ emission target for 2050 and updated its 2030 ambitions
Nucor Corporation announced on Monday (November 13) its net-zero greenhouse gas (GHG) targets for 2050 and established a new interim target for 2030.
These GHG intensity targets are defined by the Global Steel Climate Council’s (GSCC) “Steel Climate Standard”, an ambitious standard that aligns with the Paris Climate Agreement’s emission reduction goals for the steel sector by 2050, and with the International Energy Agency’s “Net Zero by 2050: A Roadmap for the Global Energy System” glidepath.
Nucor’s net-zero 2050 and interim 2030 targets include scopes 1, 2, and 3 emissions from the production of hot rolled steel as defined by the GSCC, making Nucor the first diversified steelmaker in the U.S. to set GHG reduction targets encompassing all three scopes. These new targets are more ambitious than Nucor’s previous target of a 35 percent reduction in steel mill scope 1 and scope 2 GHG intensity by 2030, using 2015 as a baseline, that was announced in 2021.
“We are the North American leader in sustainable steelmaking, and these targets further highlight our leadership role in developing clean solutions for the entire steel industry, as well as empowering our customers to meet their business and environmental goals successfully,” said Leon Topalian, Chair, President and Chief Executive Officer of Nucor. “In recent years, we have made purposeful investments to increase the availability of carbon-free electricity, and to support other emerging technologies that will help lead the way to a clean industrial future.”
Nucor is already one of the cleanest steel producers in the world. The company’s circular production process uses an average of nearly 80 percent recycled scrap and has one third the greenhouse gas emissions intensity as compared to the average traditional extractive steelmaking process using a blast furnace.
Nucor will achieve its goals by increasing the use of clean electricity, carbon capture and sequestration and near zero GHG iron making. Nucor will also utilize technologies to reduce its consumption of injection and charge carbon and will reduce the use of natural gas in its production processes.
Shares of Nucor Corp. rose to $152.94 Monday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA, 0.60% rising 0.16% to 34,337.87 and the S&P 500 Index SPX, 0.30% falling 0.08% to 4,411.55.
This was the stock’s second consecutive day of gains.
Nucor Corp. closed $29.74 below its 52-week high ($182.68), which the company reached on February 3, 2023.
About Nucor
Nucor is North America’s most diversified and sustainable steel and steel products company. “Our team is forged around a vision for leading our industry by providing unparalleled customer care, building trusted partnerships and creating sustained value.
“Our challenge is to become the world’s safest steel company. We live each day with gratitude for the families, customers and partners that make our work possible.”
Nucor website HERE
Read the full Nucor target report HERE
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