Boston Metal, backed by Microsoft, receives $120 million to produce green steel

Although steel is a crucial component of infrastructure development, it is also one of the dirtiest heavy industries in the world. The International Energy Agency claims that the steel industry is the one that emits the most carbon dioxide, making up about 8% of all emissions. As a result, several companies are creating alternatives to cut down on these emissions. Following the receipt of $120 million in funding for the production of "green steel" from ArcelorMittal, the second-largest steelmaker in the world, Boston Metal, a Massachusetts-based company, may now significantly contribute to this initiative, according to the reports. With the additional cash, Boston Metal will boost production at a prototype factory in Woburn, adjacent to Boston, and assist Brazil's commercial manufacturing sector. The company uses renewable energy to convert iron ore into steel. [caption id="" align="aligncenter" width="1200"] Image credit- Huron Daily Turbine[/caption] The company's carbon innovation fund has made its largest investment to date with its investment in ArcelorMittal. Microsoft is one of the investors in Boston Metal because it believes the venture has potential. Tadeu Carneiro, the CEO of Boston Metal, asserted that the industry's technology would undergo a revolution thanks to the widespread decarbonization of steel production. https://www.gadgetany.com/news/boston-police-found-remains-of-four-infants-inside-an-apartment/ The Massachusetts Institute of Technology is where the company created its technology (MIT). Professors Donald Sadoway and Antoine Allanore, experts in metallurgy and energy storage, are the founders. Instead of burning coal, their technique passes electricity through iron ore in a metal container to separate the iron from the oxide. Operators then scoop up the liquid iron from the bottom, according to Carneiro. [caption id="" align="aligncenter" width="1200"] Image credit- Huron Daily Turbine[/caption] Boston Metal intends to raise production to millions of tonnes by 2026 and asserts that it can totally remove carbon dioxide from the steel it produces. Additionally, it claimed that slag, which is normally seen as waste, can be used to recover metals. It is crucial to remember that the steel industry is only beginning its shift to cleaner, less harmful methods. According to the reports, a number of European steel producers have announced alternatives to the traditional coal-fired steelmaking process, and automakers are turning to this alternative. According to AP, the majority of new steel produced in the US is already cleaner because it is created by melting down used steel, especially auto-scrap steel. When compared to the production of virgin steel, this procedure may be done in electric kilns and emits fewer greenhouse gases. Carneiro noted that as it takes time for the industry to move away from conventional methods, large-scale steel manufacturing will still be years away.