MMK & FORTUM to Cooperate on Steel Decarbonisation
At the St Petersburg International Economic Forum, Magnitogorsk Iron & Steel Works and the energy group Fortum signed a Memorandum of Cooperation in
At the St Petersburg International Economic Forum, Magnitogorsk Iron & Steel Works and the energy group Fortum signed a Memorandum of Cooperation in the field of renewable energy. The document was signed by MMK CEO Mr Pavel Shilyaev and Fortum CEO Mr Alexander Chuvaev. The agreement formalises MMK's intention to use green energy produced by Fortum Russia and its joint ventures at their wind and solar power plants. Fortum has the largest wind and solar portfolio in Russia, either directly or through joint ventures, with more than 2GW of capacity. The use of electricity from clean and renewable sources in production processes will enable MMK to reduce the carbon footprint of its products.
MMK CEO Mr Shilyaev said "One of the main challenges facing the iron and steel industry today is reducing its carbon footprint. MMK as a modern and responsible company is reducing emissions of greenhouse gases year on year. By 2025, our goal is to reduce CO2 emissions by 2.2 million tonnes and reach a target CO2 emission rate of 1.8 tonnes per tonne of CO2. I am sure that cooperation with Fortum, the largest green energy company in Russia, will allow us to accelerate towards this goal.”