Business Brief: An electrifying future for a storied steel company

The largest employer in Sault Ste. Marie is transforming its coal-fired production processes into a modern operation that emits far less carbon and other pollutants. Today, we look at how Algoma Steel is banking on a renaissance with a multimillion-dollar plan to go electric.operations in Brazil, the world’s largest agricultural exporter, after a series of setbacks in the region that included a US$220-million loss on unauthorized derivative trades.

Canada has to hit aggressive targets, which means changes for its biggest manufacturers. Steelmakers, high on the list of heavy emitters, face a certain paradox: They are being asked to lower emissions while simultaneously making a product necessary for building a “greener” infrastructure. Algoma’s plan is to install two electric arc furnaces: technology that replaces the dirty work of coking coal. Instead, with a large enough charge of electricity, scrap metal becomes green steel. When fully online, the amount of CO2 emissions that the company expects to reduce equates to more than a tenth of Canada’s 2030 goal under the Paris Agreement.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Brief: Getting the trains moving againAlso in today’s edition: The rapture of Canadian office staff
Source: globeandmail - 🏆 5. / 92 Read more »

Business Brief: How to mix U.S. inflation into a recipe for economic clarityAlso in today’s edition: Charting a more productive course for Canada, and Mars lands a salty deal
Source: globeandmail - 🏆 5. / 92 Read more »

Business Brief: The Big Six earnings, and a spotlight on TDAlso in today’s edition: Canadians are in overwhelmingly good standing with their mortgage payments
Source: globeandmail - 🏆 5. / 92 Read more »

Business Brief: Can Loblaw’s growing health care empire earn the trust of Canadian patients?Also in today’s edition: A chart, a quiz and a look at the day ahead
Source: globeandmail - 🏆 5. / 92 Read more »

Business Brief: A market for the metals in the medalsAnother way to take the measure of Olympic victory
Source: globeandmail - 🏆 5. / 92 Read more »

Business Brief: Gildan reveals the high price of winningQuebec clothing maker reports that it paid US$77-million over a prolonged proxy fight
Source: globeandmail - 🏆 5. / 92 Read more »