China Steel Corp Unveils Green Steel Goals

Taipei – Taiwan’s largest steelmaker China Steel Corp is setting ambitious carbon emission reduction goals. China Steel Corp Chairman Wong Chao-tung told shareholders at the company’s annual general meeting in Kaohsiung “By 2025, we aim to reduce emissions by 7% and by 2050, we will achieve carbon neutrality. The company will develop into a dual auxiliary company – a high-end steelmaker and a green energy company.”

As for CSC’s move into the renewable energy sector, Wong said it is a strategic investment in the future. He said “Apart from semiconductors, the green energy industry is the most hopeful bright spot for Taiwanese industry.

70 % of the steel used in Tesla Inc’s electric vehicle motors comes from CSC and the company plans to join Hon Hai Precision Industry Co’s MIH Open Platform alliance for the development of EVs and take full initiative in developing the EV market.” Wong added “Thanks to a clear resurgence in manufacturing at home and abroad, as well as the strong demand for vehicles, basic infrastructure, and home appliances, steel demand now outpaces supply in the global market. The era of high steel prices is upon us.”