Chinese steelmaker Baosteel and China-based auto manufacturer Chery Automobile Company have signed a memorandum of understanding to create a green and low-carbon steel supply chain, according to local media reports.
With the agreement, Baosteel will supply steel with 30 percent-reduced emissions under the brand BeyondECO® to Chery’s existing production car models starting from 2024.
From 2026, Baosteel aims to provide steel with over 50 percent-reduced emissions to Chery by utilizing hydrogen-based vertical furnace low-carbon metallurgical technology.
Meanwhile, Baosteel will commence its net-zero carbon automotive sheet production line, with an annual production capacity of 1.8 million mt in 2025.