The makeup of the province’s iron ore has it positioned as a leader for green steel going into the future.
That’s according to the Iron Ore Company of Canada, which opened its new executive office in downtown St. John’s yesterday.
President and CEO of the IOC, Mike McCann, while holding a piece of iron ore, touted the potential for Newfoundland and Labrador to be a leading producer in green steel, heavily in demand to create green energy components such as wind turbines and batteries.
Green steel is steel that is refined from iron ore using methods that produce fewer carbon emissions.
McCann explained why Newfoundland and Labrador is uniquely situated.
He says to use electric furnaces that are less carbon intensive, you need low-impurity iron ore, which is found in Labrador. He says the “holy grail” to use as a reductant is hydrogen, which the province is aggressively pursuing.
