Steel major, Tata Steel today said it is strengthening its position in low-carbon future technology, which has potential to reduce energy use and carbon emissions by at least 20 per cent, as well as reducing steel making costs.
Tata Steel is at the forefront of lower-carbon steel innovation by acquiring the full intellectual property rights in a revolutionary technology.
The company has been testing the groundbreaking technology called HIsarna at its IJmuiden steelworks in the Netherlands. HIsarna has the potential to reduce energy use and carbon emissions by at least 20 per cent, as well as reducing steel making costs through lower-priced raw materials, up to half of which could be recycled scrap steel, a company statement said.
HIsarna is a completely new technology in the steel making process which combines Tata Steel's cyclone converter furnace with Rio Tinto's smelter.
Tata Steel has already acquired the Rio Tinto's smelter technology and intellectual property rights required to operate the HIsarna process.
"The acquisition of full intellectual property rights for Hlsarna, is a significant step towards establishing our pioneering credentials in the steel manufacturing space," Tata Steel managing director T V Narendran said.