Final Thoughts
July 27, 2021
Final Thoughts
Written by Tim Triplett
What’s this world coming to when an integrated steelmaker – a leader in an industry notorious for taking a huge toll on the environment – spends much of his earnings call talking about cutting carbon emissions? Said Lourenco Goncalves, Cleveland-Cliffs’ chief executive, last week: “Cliffs sees decarbonization as part of our license to continue to exist…. We are well on our way to achieving our [emissions] targets through the combination of natural gas usage, HBI production and internal usage, and carbon capture.”
Cliffs’ goal is a 25% reduction in its carbon emissions by 2030. “Every company that claims it will be carbon neutral by 2050 is just saying what people want to hear. No one knows what will happen that far out. Our 2030 number, that is real,” he said.
