Energy derived from fossil fuels will still be used during many decades, but we will see fossil sources of energy moving away from carbon rich coal and oil to natural gas that emits considerably less CO2 when used. Our steels are essential for supporting the transport and storage of natural gas, be it in gas pipelines or in liquefied form as LNG at very low temperatures.
A third cornerstone in the transition is the expected increase in generation of electricity, especially from renewable energy sources. Our steels support not only the expansion of the electrical grid where large number of pylons will be required for new power lines. They will also enable our society to develop new technologies for storing the electricity, be it in form of thermal storage, hydrogen or other chemical compounds (also called “Power to X”).
Consequently, new steel products and solutions supporting the global energy transition is a big focus for ArcelorMittal and our goal is to be at the forefront, responding and adapting to this massive transformation in a proactive manner. We are convinced that our products and solutions will preserve the leading role of steel.