Fortescue Metals Group will spend more than $6 billion on renewable energy and stop using fossil fuels by 2030, a pledge that the Australian iron-ore giant says will lower energy costs and mark a key step toward producing low-carbon steel.
Fortescue is committing to use a combination of wind and solar power, battery storage and hydrogen produced from renewable energy to generate the electricity and fuel needed to extract iron ore, company officials said. Buyers in the steel supply chain could then turn that “green iron ore” into steel.
