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Exxon Mobil Says It Can Make Money Decarbonizing Steel

Avi Salzman of Barron’s reports on Exxon Mobil’s efforts to decarbonize steelmaking.

The C3 Take
  • Exxon will capture carbon from a Louisiana steel plant owned by Nucor.
  • The project is expected to start in 2026 and would capture 800,000 metric tons of CO2 annually–which is equivalent to removing nearly 180,000 cars from the road.
  • Exxon is still waiting on the necessary permits to store the carbon, but the federal government will soon be giving the authority to regulate these projects to Louisiana.

“Carbon-capture technology can gather carbon dioxide from smokestacks or other industrial equipment, compress and liquefy it, and then pipe it to underground storage locations. This project, expected to start in 2026, would capture about 800,000 metric tons of carbon a year from producing iron used in steel, and bring Exxon’s (XOM) total project pipeline to more than 5 million tons a year.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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