All right

so last time we kind of stopped at the beginning of grain steel making

I

mean carbon neutral steel production

which obviously now is the biggest driving factor

in the steel industry for a variety of reasons.

One reason that people very often don't quite

understand is that we're also running out of metallurgical coal.

So this is one of the

driving factors, but the other very important driving factor is also that everyone expects

there to be CO2 pricing coming probably towards the end of the decade and then increasing over

the subsequent decade or so.

And then the question is, am I going to be competitive with my

carbon-based steel from the blast furnace where we need about just shy of a ton of coke per ton

of steel, which works out to be a ton and a half plus of CO2.

And that's right now, I mean we've

discussed it a couple of times, right now that's about two-thirds of all steel production,

which means a very big chunk of global CO2 emissions.

This is kind of where we stopped last time,

was looking at the overall emissions and yeah

so iron and steel is one of the biggest

individual chunks. Certainly out of the industrial processes, it's by far the biggest one.

Yeah and it's by far the biggest one that we can also do something about

because for example

when we look at cement production, the problem with cement is obviously we start from calcium

carbonate and we get rid of the CO2 in the carbonate

so there's just from the reaction

equation there's just no way to change it really.

Whereas in iron ore, in steel production from iron

ore

we just want to get rid of the oxygen and not of some form of CO2

so we can start replacing

that.

And we talked about, last time we talked about the various direct reduction methods that

we can potentially use for that.

Again, we're currently kind of in the ramp up phase and

kind of also exploring exactly how everything works

so everyone knew already that for a long

time you could use any kind of reduction gas really in direct reduction

but doing it at scale in

hydrogen has only started being a thing about two years ago when hybrid started up in Sweden

and obviously the next couple of projects are already down the road here in Germany.

Three

I've talked about the three

Dillinga

Dillinga Hütte

Salzgitter and Thyssenkopp

and I guess we're going to see a lot more of that in the near future.

So CO2 emissions in steelmaking

so we have approximate