International Steel Prices
DOE Dishes Out Millions to Help Decarbonize Iron and Steel
Written by Laura Miller
June 22, 2023
The US Department of Energy has awarded 10 projects with a combined $31.9 million in funding to help decarbonize the iron and steel industry.
Through its Low Emissions Steel Manufacturing Research Program, the DOE funding will focus on advancements enabling decarbonization in both ore-based and scrap-based steelmaking, it said. Projects that convert existing operations to use clean fuels or electricity are also included in the funding, according to a news release from the DOE.
The 10 projects selected to receive this round of funding are:
- Carnegie Mellon University (Pittsburgh)
- Case Western Reserve University (Cleveland)
- GTI Energy (Des Plaines, Ill.)
- Hertha Metals Inc. (Brownsville, Texas)
- Idaho National Laboratory (Idaho Falls, Idaho)
- Molten Industries (Oakland, Calif.)
- Pennsylvania State University (University Park, Pa.)
- Purdue University Northwest (Hammond, Ind.)
- Tufts University (Boston)
- University of Minnesota Twin Cities (Minneapolis)
“America’s industrial sector serves as the engine of the US economy, producing many of the products we rely on every day, but also produces a significant amount of the nation’s carbon emissions,” said US Secretary of Energy Jennifer Granholm.
“These projects funded by President Biden’s Investing in American agenda will slash industrial emissions and accelerate next-generation technologies for a clean energy future that’s made in America,” Granholm added.
The iron and steel industry is one of five energy-intensive subsectors which are the focus of the DOE’s push to reduce industrial emissions. The agency has approximately $6 billion available to help decarbonize the iron and steel, cement and concrete, chemicals, food and beverage, and the petroleum refining industries.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in International Steel Prices
Gap between US HR prices, imports narrows
SMU’s average price for domestic hot-rolled (HR) coil was $800 per short ton (st) this week, up $5/st week on week (w/w). In offshore markets last week, prices were varied.
Gap between US HR prices, imports little changed
SMU’s average price for domestic hot-rolled (HR) coil was $795 per short ton (st) this week, sideways week on week (w/w). The move was different in offshore markets last week, as prices eased marginally.
Gap between US HR and landed import prices starts to narrow
The price gap between stateside hot band and landed offshore product narrowed this week. Still, with the 50% Section 232 tariff, most imports remain much more expensive than domestic material.
Little change in price gap between US HR, imports
SMU’s average price for domestic hot-rolled (HR) coil held at $785 per short ton (st) this week, unchanged week on week (w/w). A similar dynamic was seen in offshore markets last week as well.
Price gap between US CR, most imports narrows
Cold-rolled (CR) coil prices ticked up in the US this week, matching a similar trend seen in offshore markets as well.