U. S. Steel to Work with Equinor to Assess Hydrogen, Carbon Capture and Storage Development
United States Steel Corporation (NYSE: X) has signed a non-exclusive Memorandum of Understanding (MOU) with Equinor US Holdings Inc. to explore carbon capture and storage (CCS) and hydrogen development in Ohio, Pennsylvania, and West Virginia. This initiative aims at achieving net-zero carbon emissions by 2050, focusing on the potential for a hydrogen hub in the Mon Valley. The MOU outlines assessments of regional hydrogen and CCS viability, emphasizing the importance of natural gas coupled with CCS for decarbonization efforts.
- Collaboration with Equinor may enhance technological advancements in carbon capture and hydrogen development.
- Focus on achieving net-zero carbon emissions by 2050 aligns with global sustainability targets, potentially improving investor sentiment.
- Exploration of a hydrogen hub in the Mon Valley could lead to regional economic development and job creation.
- None.
United States Steel Corporation (NYSE: X) (“U. S. Steel”) today announced execution of a non-exclusive Memorandum of Understanding (“MOU”) with Equinor US Holdings Inc., an affiliate of Equinor ASA (NYSE: EQNR). Under the MOU, the companies will study the potential for carbon capture and storage (“CCS”) and hydrogen development in the tri-state region of Ohio, Pennsylvania, and West Virginia.
Hydrogen based steel processes and CCS are among the more promising and sustainable technologies currently being developed.
“The successful development of hydrogen and CCS technology in the tri-state region will require investment, cooperation, and exploration across political and perceived barriers,” said Richard Fruehauf, Senior Vice President, Chief Strategy & Sustainability Officer. “As we build momentum toward our ambitious goal targeting net-zero carbon emissions by 2050, the opportunity to explore the potential for a hydrogen hub in this region – anchored in the Mon Valley – is cause for optimism.”
The focus of the MOU is to assess the technological and commercial possibilities for hydrogen and CCS. The industry leaders recognize the potential for natural gas coupled with CCS to significantly reduce carbon emissions. The companies plan to explore and demonstrate the potential opportunities for natural gas when coupled with CCS to achieve decarbonization goals.
The scope of work of the MOU includes assessments of regional hydrogen and CCS potential, appropriate customer and supplier screenings, blue hydrogen advocacy, CCS, and examining renewable energy synergies.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the company’s customer-centric Best for All℠ strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 26.2 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
Forward-Looking Statements
This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” "should," “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, operating performance, trends, events or developments that we expect or anticipate will occur in the future. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, and those described from time to time in our future reports filed with the Securities and Exchange Commission. References to "we," "us," "our," the "Company," and "U. S. Steel," refer to United States Steel Corporation and its consolidated subsidiaries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005981/en/
FAQ
What is the purpose of the MOU between United States Steel Corporation and Equinor US Holdings Inc. dated October 2023?
How does the MOU impact United States Steel Corporation's sustainability goals?
What are the main focuses of the MOU signed by U. S. Steel and Equinor?
What potential benefits does the collaboration between U. S. Steel and Equinor bring?
