"Steel is a true bad boy," H2 Green Steel executive Lars Lundstr ? m tells Newsweek.
"Most estimates show that steel is responsible for about 7% of global CO2 emissions."
But the Swedish company's plan to be the first commercial-scale mill to cut steel's CO2 emissions by 95% "is the basic recipe for our steel," Lundstr ? m says.
H2 Green Steel uses the chemical symbol for hydrogen gas to convert carbon-heavy coke, which is used to turn iron ore into steel, into hydrogen, which is used to pull oxygen from the iron ore.
"The final product is the same, but does the job that coke normally would, pulling oxygen from the iron ore," Lundstr ? m says.
H2 Green Steel's new plant in northern Sweden will use carbon-free electricity to power its steel mill and produce green hydrogen, which is used to turn iron ore into ethanol.
H2 Green Steel announced last month it had raised more than $6 billion in investment and plans to begin operation next year.
But while H2 Green Steel is among the companies at the leading edge of a large-scale effort to cut emissions in one of the toughest industries to decarbonize, the industry must overcome a chicken-and
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