Nucor Corporation (NYSE: NUE) announced Net-Zero science-based greenhouse gas (GHG) targets for 2050 and established a new interim target for 2030. These GHG intensity targets are defined by the Global Steel Climate Council’s (GSCC) “Steel Climate Standard”, an ambitious standard that aligns with the Paris Climate Agreement’s emission reduction goals for the steel sector by 2050, and with the International Energy Agency’s “Net Zero by 2050: A Roadmap for the Global Energy System” glidepath (IEA NZE).
Nucor’s net-zero 2050 and interim 2030 targets include scopes 1, 2, and 3 emissions from the production of hot rolled steel as defined by the GSCC, making Nucor the first diversified steelmaker in the U.S. to set GHG reduction targets encompassing all three scopes. These new targets are more ambitious than Nucor’s previous target of a 35% reduction in steel mill scope 1 and scope 2 GHG intensity by 2030, using 2015 as a baseline, that was announced in 2021.
Nucor is already one of the cleanest steel producers in the world. The company’s circular production process uses an average of nearly 80 percent recycled scrap and has one third the greenhouse gas emissions intensity as compared to the average traditional extractive steelmaking process using a blast furnace.
NUE shares fell in price 48 cents to $152.14.