NLMK Group and Gazprom Neft join forces to reduce climate footprint
NLMK Group, a global steel company, and Gazprom Neft, one of Russia’s largest oil companies, have signed a memorandum of cooperation to attain climate impact reduction goals.
The companies plan to jointly develop projects aimed at reducing greenhouse gas emissions, including the development of technologies for the production, transportation, storage, and use of hydrogen in steelmaking. As part of the agreement, the companies will also jointly research and test carbon capture, utilization, and storage technologies.
Sergey Chebotarev, NLMK Vice President for Energy and the Environment, said: «We are happy to join forces with our partner Gazprom Neft on decarbonization. Our joint efforts in hydrogen energy development and carbon capture, utilization, and storage will accelerate the introduction of new technologies for climate footprint reduction.»
Over the last five years, NLMK Group reduced its CO2 emissions per tonne of pig iron and steel sold by 4%, from 1.98 t in 2016 to 1.90 t in 2020. The Company is targeting a further reduction to 1.84 t (by an additional 3%) by 2023.
About NLMK Group
NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world.
NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines.
NLMK operates production facilities in Russia, Europe and the United States. The Company’s steel production capacity exceeds 17 million tonnes per year.
NLMK has a highly competitive competitive cash cost among global manufacturers and one of the highest profitability levels in the industry. The Company has investment grade credit ratings from S&P, Moody’s, Fitch, and RAEX (Expert RA).
NLMK’s ordinary shares with a 20.7% free-float are traded on the Moscow Stock Exchange (ticker «NLMK») and its global depositary shares are traded on the London Stock Exchange (ticker «NLMK:LI»). The share capital of the Company is divided into 5,993,227,240 shares with a par value of RUB1. For more details on NLMK shareholder capital, please follow the link.
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