Continental Steel plans to expand the supply of low embodied carbon steel here in a move the company believes will help Singapore hit its ambitious net-zero goal by 2050.
The Singapore business, The South-east Asia’s largest steel companies, recently purchased its first shipment of certified low embodied carbon steel from the largest steel maker.
Executive director Melvin Soh said the 6,000 tonnes of green steel bought from ArcelorMittal’s plant in Luxembourg was made entirely from scrap metal and forged by 100% renewable electricity generated from solar and offshore wind.
Mr Soh told that in Singapore, steel is used mainly in the construction, infrastructure, energy, and shipbuilding sectors.
“Oil, gas, and shipbuilding is a more globalised business, but the construction and infrastructure segment is very localised, and the use of steel is significant,” he said.
Mr Soh, whose company recorded revenue of USD 80M in 2021, said raw materials like concrete and steel accounted for roughly 60% of all greenhouse gas emissions in a construction project.
A report released at the recent COP27 climate talks in Egypt said the building sector accounted for more than 34% of energy demand and about 37% of energy and process-related CO2 emissions in 2021.
It also noted that the sector needed to improve building energy performance, decrease the carbon footprint of building materials and increase investment in energy efficiency to cut emissions.