Metinvest, an international vertically integrated group of mining and metals companies, has entered into a memorandum of cooperation with K1-MET, a leading Austrian research center in metallurgy, to implement joint projects to reduce greenhouse gas emissions in the steel industry under the European Green Deal. The memorandum was signed during the international forum “Decarbonization of the steel industry: a challenge for Ukraine”, which took place in Kiev on July 14, 2021.
As part of a long-term strategy for the development of emission-free steel production, Metinvest intends to increase the sustainability of its production facilities and is interested in introducing new technologies for reducing the impact on the environment. At the same time, K1-MET has extensive expertise and experience in the implementation of research projects in the field of energy efficiency, circular economy, carbon capture, storage and use, climate neutral metal production and other related industries in cooperation with leading industrial players, research organizations and institutions.
General Director of Metinvest Group Yuri Ryzhenkov
– We are aware of the urgent need to reduce the negative impact of metallurgical production on the environment. Metinvest is constantly exploring various technological solutions to reduce emissions today and in the future. This partnership with K1-MET is an important part of a comprehensive approach to steel decarbonization in the long term, and we will continue to develop this and other areas.
K1-MET CEO Thomas Buergler
– 2015 Paris Agreement to limit global average temperature rise to 1.5 ° C by 2100, and The 2019 European Green Deal, which aims to make Europe carbon neutral by 2050, highlights the serious challenges for resource-intensive industries. The research and development program at the K1-MET Metallurgical Center of Excellence is focused on climate challenges, sustainability goals and the needs of our industrial partners.
Projects combine carbon neutral technologies, circular economy and digitalization for sustainable steel production. Strategic research enables us to gain a deeper understanding of technological processes. And collaboration between industry and scientific partners helps K1-MET apply research results to production The partnership with Metinvest based on the signed memorandum lays the foundations for this.
K1-MET (Austria) is one of the world’s leading research centers in the field of ferrous and non-ferrous metallurgy. For almost 20 years, the center has been cooperating with renowned Austrian and international metallurgical companies in the field of energy efficiency, circular economy and carbon neutral metal production. K1-MET and its partners are working on technology solutions that are transforming the European steel industry.
Metinvest is a vertically integrated group of mining and metallurgical companies that manages every link in the supply chain – from the extraction and processing of iron ore and coal to the production and sale of semi-finished products and finished metal products. It includes metallurgical and mining enterprises in Ukraine, the EU, the UK and the USA, as well as a distribution network in all key world markets. The strategic goal of Metinvest is to become the leading vertically integrated steel producer in Europe, ensuring, despite cyclical markets, sustainable growth and profitability, as well as investment returns above industry standards. In 2020, the Group had revenues of USD 10.5 billion and an EBITDA margin of 21%.