Steel Mills Worldwide Are Undergoing Transformations In The Context Of Decarbonization, Driving Global Iron Ore Giants To Seek Transformation As Well

•In the context of decarbonization, steel mills worldwide are undergoing transformations, with one of the most concentrated directions being DRI. This has also prompted major global iron ore giants to collaborate with steel mills and seek their own forms of iron ore transformation.

•In the short term, mines that produce high-grade iron ore are shifting towards producing HBI.

• Some other mines that produce high-grade iron ore are also transitioning towards producing DRI concentrates or pellets.

•In the long term, mines that produce low-grade ore are partnering with technology companies to seek technological breakthroughs. For example, Rio Tinto is utilizing low-grade ore to produce DRI, employing CCUS technologies, as well as exploring biomass-based steelmaking techniques.