Finding better ways to provide the materials the world needs
Purpose & Values
The drive for innovation and continuous improvement is at the heart of our purpose
Business Strategy
Climate change is at the heart of our business strategy
Innovation
Finding better ways to do things is in our DNA
We supply the metals and minerals used to help the world grow and decarbonise
Iron Ore
The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
Lithium
The lightest of all metals, it is a key element needed for low-carbon technologies
Copper
Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
Providing materials the world needs in a responsible way
Climate Change
We’re targeting net zero emissions by 2050
Tailings
Details of our tailings facilities can be found on our interactive tailings disclosure map
Communities
The strength of our relationships with the communities where we operate, and broader society, is fundamental to our business
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
2024 Half year results
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Things you can't live without
Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
Investment in high integrity ACCUs
While prioritising our decarbonisation programmes, we are investing in high quality carbon credits
Reducing titanium oxide's carbon footprint
Our BlueSmelting technology could drastically reduce carbon emissions during ore processing
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If you want to drive real change, we have just the place to do it
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Over the next decade, environmental risks are expected to comprise half of the top 10 risks posed to societies and economies1. Significant measures for emission reductions are urgent and necessary to reverse this trajectory.
To achieve meaningful emission reductions, we must take into account the impact of steel production, which makes up 8% of global CO2 emissions. Steel is one of the most vital materials for everyday life; it’s used in everything from skyscrapers to scalpels and is a necessary material for renewable energy infrastructure, and as the world continues to urbanise, demand for steel will continue to grow.
The task to decarbonise the steelmaking process is complex – there is no single, obvious technology pathway available today to economically produce low-carbon steel at scale. Each pathway has different iron ore suitability requirements, energy requirements, cost implications and timelines to reach commercial scale. We are pursuing a range of options and pathways for our iron ores that straddle these uncertainties. We believe the development of new, innovative technologies for low-carbon steelmaking using low- and medium-grade iron ores is the key to moving the dial on lowering emissions.
Decarbonisation is critical for the environment; however, a strong decarbonisation agenda can also drive economic value. By playing a strong role, we have the opportunity to future-proof our iron ore business for a decarbonised world.
The majority of the global iron ore supply consists of low- and medium-grade ores. The mines in the Pilbara region of Western Australia contribute 900 million tonnes or over half of all seaborne iron ore that the global steel industry consumes annually. Most of this is shipped to China, which produces more than half of the world’s steel.
The sheer scale of the contribution of the Pilbara to global steel consumption means the development of one or a suite of successful solutions for decarbonising steelmaking using Pilbara iron ores has the potential for a significant impact on lowering emissions from steelmaking.
At Rio Tinto, we have been partnering with industry to develop low-carbon steelmaking pathways for Pilbara iron ores. We believe our most promising innovations have the potential to set the stage for commercial viability of low-carbon steelmaking. Our ambition is to support our customers to achieve their net zero targets by 2050; this is one decade earlier than we would expect based on their current net zero commitments and those made by the governments in those countries where our customers operate.
One of our most advanced innovations is BioIron™. BioIron™ is a world-first technology that uses raw, sustainable biomass and microwave energy instead of coal to convert Pilbara ores into iron. When used with fast-growing biomass and combined with renewable energy, BioIron™ has the potential to reduce CO2 emissions by up to 95% compared with the current blast furnace method.
Following successful trials of the process in a small-scale pilot plant in Germany, we have committed A$215 million to develop a research and development facility in Western Australia. Ten times bigger than its predecessor in Germany, the facility will enable us to test the innovative steelmaking process at a semi-industrial scale, providing us with the required data to assess further scaling of the technology to a larger demonstration plant.
Another important future pathway for Pilbara iron ores involves the use of electric smelting furnace (ESF) technology, which can remove impurities from iron made with low- to medium-grade iron ores. We have been partnering with Baowu to develop Direct Reduced Iron Electric Smelting Furnace (DRI-ESF)2 technology in China for more than a year. We are also working in partnership with BlueScope and BHP to investigate the feasibility of a DRI-ESF pilot plant in Australia. The pre-feasibility study work program is expected to conclude soon, and a pilot facility could be commissioned as early as 2027. The partnership of Australia’s leading iron ore producers with the country’s biggest steelmaker combines industry-leading expertise to create a potential step-change in the decarbonisation of global steelmaking.
At the same time, we are assessing the beneficiation and upgradeability potential of Pilbara iron ores, as well as pelletisation of these ores, for use in future low-carbon steelmaking technologies. In addition, we are testing the feasibility of using Pilbara ores in fluidised bed technology, which does not rely on pelletisation of iron ore and thus can significantly reduce the capital cost associated with decarbonising the industry.
While we are progressing our investment in new innovations and technologies, most of the world’s steel today is still being produced using the blast furnace, which relies on coal and emits between 1.8 and 2.2 metric tonnes of CO2 per ton of steel. To bridge the period between now and when we can fully commercialise different solutions, we are focusing on applying best practices and optimisation strategies to help support customers to reduce blast furnace carbon emissions by 20–30% by 2035. For example, we are working with customers both on burden optimisation – improving systems to allow a higher usage of lump in the blast furnace – and on slag utilisation – improving energy conservation and waste recycling.
Decarbonisation of the steel value chain is complex. While full transformation will take decades, we must not delay taking the first steps. Pragmatic and urgent actions today are essential to pave the way for a lower carbon future. The continued optimisation of the blast furnace until new technologies are proven at commercial scale is an important and pragmatic first step.
No single entity possesses all the necessary resources or capabilities to tackle this challenge alone, and breakthroughs in decarbonisation will not come from isolated efforts. These breakthroughs will only emerge when industrial leaders combine their efforts and nations work together for the common good.
The development of low-carbon technologies for Pilbara iron ores is showing tremendous promise, with our partnerships across the steel value chain critical to achieving our goals. In addition to industry partners, we are also working with governments to fast-track our decarbonisation projects around the world.
In Australia, there is an economic imperative to unlock low-carbon solutions, with iron ore delivering 33% of Australia’s export income ($138 billion in 2023–24)3.
The coming decades will be a period of great transformation for the steelmaking value chain. The world needs low-carbon steel to reach net zero.
As a leading iron ore producer, we understand the role we have to play in finding better ways to decarbonise the steel value chain and to ensure that Pilbara iron ores are well-positioned for low-carbon steel.
1 https://www.weforum.org/publications/global-risks-report-2024/digest/
2 The Electric Smelting Facility (ESF) is a type of furnace capable of producing iron suitable for the basic oxygen steelmaking process. Coupled with the Direct Reduced Iron (DRI) process, the DRI-ESF equipment can replace the blast furnace, eliminating the need for metallurgical coal.
3 https://www.industry.gov.au/publications/resources-and-energy-quarterly-june-2024
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With the exception of the use of cookies (explained below), Rio Tinto generally does not seek to collect personal data through this website. However if you choose to provide personal data to Rio Tinto through this website (for example, by sending us an email), we will process that personal data to answer your query and if relevant, to manage our business relationship with you or your company. We won't process that personal data for other purposes except where required to meet our legal obligations or otherwise as authorised by law and notified to you.
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