Vale believes China’s steel demand will remain resilient and plateau at high levels supported by sound fundamentals in the long term, bringing massive opportunities to multinational mining companies such as itself, said chief executive Bartolomeo. — China Daily
Beijing: Brazilian mining giant Vale SA has vowed to step up investment in low-carbon solutions along the steel value chain in China, according to its top executive.
The country’s demand for steel is expected to remain resilient through 2030, holding significant potential for decarbonisation due to its large scale.
Decarbonisation, in industry parlance, refers to the reduction or elimination of carbon dioxide emissions from processes like manufacturing or energy production.
Vale believes China’s steel demand will remain resilient and plateau at high levels supported by sound fundamentals in the long term, bringing massive opportunities to multinational mining companies such as itself, chief executive Eduardo Bartolomeo said.
Continued urbanisation and development of the industrial sector will create fresh demand for steel and iron ore in China, Bartolomeo said during a recent news conference.
A cross-country comparison suggests that China’s demand for steel and iron ore may plateau and stay at decent levels in the next few years, a process that will also accelerate the global green transition, he added.
Meanwhile, as China’s top policymakers assure greater efforts to attract foreign capital, widen market access, promote further opening-up and ensure a level playing field for both domestic as well as foreign companies, Vale continues to hold a positive outlook for the Chinese economy and upholds its long-term commitment to the China market, Bartolomeo said.
It has said previously that it is cooperating with some 50 steel companies to pursue iron-making solutions focused on fewer emissions, including many leading Chinese steel companies. — China Daily/ANN
