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United States Steel Corporation (NYSE:X) inked a definitive agreement to capture carbon emissions generated from the company’s Gary Works Blast Furnaces in a first-of-its-kind project.
The initiative employing CarbonFree’s SkyCycle technology aims to capture and mineralize 50,000 metric tons of carbon dioxide yearly, akin to emissions from 12,000 cars, with potential for expansion.
U.S. Steel’s participation supports its targets of cutting greenhouse gas intensity by 20% by 2030 and achieving net-zero emissions by 2050.
The SkyCycle project meets rising demand for low-emission products like verdeX steel, serving as an initial step in evaluating technology scalability for broader enterprise adoption.
Construction for the SkyCycle plant at U.S. Steel Gary Works is set to start as soon as summer 2024, targeting operational launch in 2026.
The agreement spans 20 years post its in-service date.
“Innovating to capture carbon at an integrated mill is the latest example of how steel is enabling a more sustainable future,” said Scott Buckiso, Senior Vice President & Chief Manufacturing Officer, U. S. Steel. “Moreover, U. S. Steel has a history of ‘firsts’ that we’re confidently building on. Using SkyCycle technology for the first project of its kind in North America should benefit the community for generations to come,” Buckiso adds.
Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and First Trust Materials AlphaDEX Fund (NYSE:FXZ).
Price Action: X shares are trading higher by 0.05% to $41.42 premarket on the last check Wednesday.
Photo by Dennis Diatel on Shutterstock
