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Swiss Steel Group sets ambitious science-based decarbonization targets and supports the 1.5°C goals of the Paris Agreement

Swiss Steel Group reaffirms its commitment to the 1.5°C targets of the Paris Agreement and has set ambitious, science-based decarbonization targets validated by the SBTi .

As the world’s first steel producer, Swiss Steel Group has validated decarbonization targets (after endorsement by the Science Based Targets initiative, SBTi) according to the SBTi sectoral guidelines for the steel industry published in 2023.

“Our goal is to achieve net zero emissions by 2038, provided the framework conditions are in place. Our short-term targets for Scope 1 and Scope 2 emissions will mainly be achieved by converting rolling mill, forging and heat treatment furnaces to low-emission energy sources and technologies, purchasing electricity from renewable sources and improving energy efficiency,” says Frank Koch, CEO Swiss Steel Group.

In order to achieve a reduction in our Scope 3.1 emissions, the steel producer aims to replace CO2-intensive primary materials such as ferroalloys and deoxidizers with secondary materials (e.g. alloyed scrap or recycled aluminium) and “green” alloys.

The base year for the reduction in emissions is 2021, the short-term target year is 2030. Swiss Steel Group is dependent on suitable framework conditions for the implementation of these measures.

Swiss Steel Group has made a conscious decision to base its targets on an established, science-based framework in order to ensure credible and verifiable measures. Our efforts to date in the area of emissions tracking have laid the foundation for the rapid adoption of the new SBTi guidance, making us a pioneer in the steel industry.

About the Science Based Targets initiative (SBTi)

The Science Based Targets initiative (SBTi) is a partnership between CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi helps companies to set science-based emission reduction targets that are in line with the Paris Agreement. For the steel industry, the SBTi has developed specific guidelines that address the unique challenges and opportunities of the sector.

Swiss Steel Group is a leading global supplier of special long steel products. With a strong focus on innovation and sustainability, Swiss Steel Group is continuously working to optimize its production processes and minimize its environmental footprint. It is the current winner of the German Sustainability Award and can certainly be described as a thought leader in the transformation process of the steel industry.