Schaeffler Group, Baosteel team up on sustainable development in green steel

Shanghai (Gasgoo)- On June 29, Schaeffler Group and Baosteel signed a strategic agreement on sustainable development in green steel, according to a post on the German auto supplier's WeChat account.

Based on the shared concept of sustainability, the two parties will enhance cooperation in the decarbonization of the steel industry and jointly build a green steel supply chain by leveraging the synergistic effects of pollution reduction and carbon reduction. This collaboration represents an important step for Schaeffler Group towards achieving its climate neutrality goals.

Sustainable development is one of the four core values of the Schaeffler Group and a crucial component of its strategic plan, said the company. The group aims to achieve climate neutrality in its supply chain by 2040 and to achieve climate neutrality in its production sector ahead of that target, by 2030. Emissions from intermediates and raw materials in the supply chain will be reduced by at least 25%. To realize these ambitious goals, Schaeffler is taking action in various aspects such as "green materials," "green production," and "green products." It identifies carbon emissions at each stage of the product lifecycle and reduces them through measures like avoidance, reduction, and compensation.

In terms of "green materials," Schaeffler is strengthening cooperation with upstream suppliers, encouraging them to take climate protection actions while meeting compliance requirements. It promotes the development of green and low-carbon technologies to reduce greenhouse gas emissions and promote the sustainable production of raw materials.

Baosteel is a leading modern teel conglomerate and one of the most comprehensive carbon steel producers in the world. Committed to green development, Baosteel aims to reshape the steel industry through a green and low-carbon development model. It has set targets to achieve peak carbon emissions by 2023 and carbon neutrality by 2050. To achieve these goals, Baosteel is accelerating the implementation of green and low-carbon metallurgical innovation projects, actively developing key core technologies, and promoting the greening of the steel production process and the use of steel products.