Green Steel: The Building Block Of The Future
Webinar
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Julian Verden, a member of the Worshipful Company of Ironmongers and actively involved in the steel trading and distribution business, presented an overview of Green Steel, which he clarifies should more accurately be termed "low carbon embodied steel." He outlined the two primary steel production methods: blast furnaces using iron ore and coking coal (carbon-intensive) and electric arc furnaces (EAF) using recycled steel scrap (lower emissions). He noted the UK's shift towards EAF production and its potential to be a leader in green steel. Verden discussed the limitations of relying solely on EAFs due to the finite supply of scrap and the need for sustainable energy sources. He also addressed the challenges of overcapacity in the global steel industry, the financial hurdles of transitioning to green steel, and the importance of government support and investment. He emphasized the need for education and consumer willingness to pay for greener products and suggested that the City of London can help by supporting green initiatives and encouraging financial institutions to invest in green steel projects. He concluded that despite the challenges, the UK and European steel producers will be low carbon steel producers in the short term.
Background:
Steel might exist as a crucial product in modern societies, but it's also a major source of CO2 emissions. So what kind of a role could green steel play in the path towards net zero and what is being done in the Industry?
- Steel manufacturing produces more CO2 than any other heavy industry, comprising around 8% of total global emissions
- Efforts are under way to move steel production away from coal-fired furnaces to ones powered by electricity or hydrogen
- But producing green steel is an expensive process – and the industry needs to scale up rapidly to hit net-zero targets
What exactly is ‘Green Steel’?
Green steel refers to steel produced using environmentally friendly and sustainable methods. This usually involves using renewable energy sources, reducing carbon dioxide emissions, and minimising and recycling waste during the production process.
Green steel represents a pivotal step towards a sustainable future. Its adoption in the building and automotive industries, supported by national investment and public awareness, will ensure that we not only address the pressing environmental challenges of today but also secure a greener, healthier planet for future generations. Investing in green steel now is not just an economic decision; it's a commitment to ecological advancement and a sustainable future.
Julian Verden of Stemcor and a Past Master of the Worshipful Company of Ironmongers, will take a look at this sector to see what progress is being made, coupled with how the future is being driven by research and advancements within the Industry and our Universities.
Speaker:
Julian Verden was educated at St John’s Preparatory School, Pinner, then at St Edward’s School, Oxford. After which he entered the Steel Trading and Distribution Industry where he has worked for over 43 years.
He is currently Stemcor Group’s Managing Director for Europe and sits on the Stemcor Group’s Trading Management and Derivatives Management Teams. Julian is also a committee member, past Treasurer and Chairman, of the International Steel Trade Association, sits on the Presidency of Eurometal, the Association of European Distributors, and is a member of the London Metal Exchange Steel Committee.
Julian joined the Worshipful Company of Ironmongers by redemption in 2003, became a Freeman of the City of London in 2004, joined the Livery in 2006 and then the Court in 2009. He became Master on the 7th July 2022, having served as both Junior and Senior Warden.
Julian is married to Zehan and together they have two sons, Harry and Theo. In his spare time, Julian enjoys the Arts, France and skiing.
