MELBOURNE, Sept 18 (Reuters) - Australia's BlueScope Steel (BSL.AX) , opens new tab has signed a preliminary agreement with Israel-based Helios Project to trial its green iron, which is produced with clean energy rather than coal, from 2026, the companies said on Wednesday.

Helios has developed a way to produce iron and other metals using sodium as a reducing agent. It requires less energy to produce than conventional methods and produces no direct carbon emissions. Only oxygen is emitted from the process, it said.

“Decarbonizing the steel industry is an incredible challenge and we are thrilled to collaborate with companies like Helios that could support us on our journey,” said Andrew Garey, chief executive of BlueScope’s venture fund, BlueScopeX.

The technology can be applied to green iron production from various iron ores, including lower grades such as those found in Australia, Helios said. Australia supplies around half of the world's seaborne iron ore.

The steel industry accounts for some 10% of global emissions.

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https://www.reuters.com/markets/commodities/australias-bluescope-steel-signs-green-iron-agreement-with-helios-2024-09-18/