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Steel making accounts for roughly 8% of global carbon dioxide emissions. China produces approximately 50% of the world’s steel, with a goal to replace 15% of its output with electric arc furnaces by 2025. “Given younger, less carbon intensive blast furnaces, and less scrap availability, Chinese steelmakers are understandably looking at continuing to use these assets rather than replacing them earlier than otherwise would be the case,” the top executive of the world’s biggest miner said.