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LKAB speeding up plan of transition to carbon-dioxide-free sponge iron

3 May 2022 15:26 reported by Joy Liu

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LKAB, a state-owned Swedish mining company, is now speeding up its plans of the transition to carbon-dioxide-free sponge iron, aiming to raise its future production of sponge iron to 24.4 million tons annually by 2050.

The goal will lead the company to reduce carbon dioxide emissions in the global steel industry, helpful to a plan of realizing zero carbon dioxide emissions by 2050.

LKAB needs a large scale of expansion of power production and distribution to realize its goal. The expansion could increase LKAB's revenue by three times. Higher production of sponge iron will also increase the company’s value, thereby raising Sweden's mineral reserves and resources and export values.

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