BHP invests in startup seeking to make emissions-free steel

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BHP invests in startup seeking to make emissions-free steel

BHP Group, the world’s biggest mining company, has invested in a startup company seeking to develop less-polluting ways of making steel.

While many in the mining industry have outlined how they plan to curb their own direct pollution, those emissions are a fraction of ones produced by customers, with steelmaking one of the biggest global emitters. Rather than set hard targets to reduce so-called Scope 3 emissions, companies like Rio Tinto Group and BHP have committed to working with the steel sector to help develop new technologies instead.

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BHP has previously pledged $400-million in research funding to tackle carbon emissions caused by its buyers. The company has also said it will tie a portion of bonus payments for key leaders to progress on lowering greenhouse gas emissions at both its own operations and those of its customers.

BHP was among investors backing a $50-million fundraising round for Boston Metal, the startup said Monday. The company, which already counts Bill Gates-founded Breakthrough Energy Ventures among its investors, is developing a method to replace coking coal in the steelmaking process with electricity, reducing emissions.

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The statement did not say how much BHP had invested in the funding round. Piva Capital and Devonshire Investors also participated.

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