On March 20, Chinese steelmaker HBIS Group and iron ore mining giant Vale inked a memorandum of understanding (MoU) to advance decarbonization in the steel industry. Both parties will collaborate to identify optimal burden solutions for a low-carbon transition and explore the feasibility of using the Tecnored furnace to process solid waste and recover valuable metals.

HBIS chairman Liu Jian said that the MoU signifies a collaborative effort between two major global enterprises across the industrial chain to address climate change. Both companies are devoted to reaching carbon neutrality by 2050.