The global steel industry may have to write down as much as $518bn in assets over the coming years because it is still building traditional blast furnaces despite countries seeking to reduce their carbon emissions, according to a report.
Countries have continued to announce new coal-based plants while at the same time setting tougher pledges to lower emissions, according to Global Energy Monitor, an independent non-governmental organisation that tracks fossil fuel and renewable energy projects.
As a result, coal-powered blast furnaces could become unnecessary or inoperable over time, leaving the sector with stranded assets worth between $345bn and $518bn, the report estimates.
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