Mighty Earth Responds to Nippon Steel’s $14.9 Billion Acquisition of U.S. Steel
Today, Japan’s Nippon Steel, the world’s fourth largest steelmaker, secured a deal to buy U.S. Steel for $14.9 billion in cash which prevailed in an auction for U.S. steel over rivals including Cleveland-Cliffs and ArcelorMittal. This acquisition will propel Nippon Steel towards achieving 100 million tonnes of global crude steel capacity and marks a substantial expansion of its production footprint within the United States.
Responding to the statement, Mighty Earth Senior Director, Decarbonization, Matt Groch said:
“Nippon Steel’s pledge to postpone investments in new green steel facilities until after 2050 completely contradicts the urgent call of the climate crisis and misses opportunities for immediate action. This recent deal is an opportunity for Nippon Steel to commit to decarbonizing the steel industry, an important step in the transition to a low-carbon economy.
“Steel is vital in the transition to a low-carbon future, serving as a critical material for technologies like electric vehicles and wind turbines. With current production contributing to 11% of global greenhouse gas emissions, transforming the industry is not just achievable but essential for a 1.5 °C-aligned iron and steel sector. As global steel demand is expected to grow 30% by 2050, to meet the increased demand while staying on trajectory to net zero by 2050 the steel industry needs 70 new green steel plants by 2030.
It is unacceptable for Nippon Steel to, in today’s age, have no plans to invest in new green steel facilities until after 2050. Following COP28 in Dubai, where world leaders strengthened commitments to transition to low and near-zero emission steel, we’re calling for Nippon Steel to invest in low-carbon steel today, aligning with the imperative of our times.”
For more information or to arrange an interview please contact:
Sydney Jones, Press Secretary (US-based, EST)
+1 561 809 5522
About Mighty Earth
Mighty Earth is a global advocacy organization working to defend a living planet. Our goal is to protect half of Earth for Nature and secure a climate that allows life to flourish. We are obsessed with impact and aspire to be the most effective environmental advocacy organization in the world. Our team has achieved transformative change by persuading leading industries to dramatically reduce deforestation and climate pollution throughout their global supply chains in palm oil, rubber, and cocoa, while improving livelihoods for Indigenous and local communities across the tropics.
