JFE Steel Corporation announced today that is has signed a memorandum of understanding (MOU) with Itochu Corporation, Emirates Steel Arkan—the largest steel company in the United Arab Emirates—and Abu Dhabi Ports Group (ADPG) to develop collaborative systems for the establishment of a supply chain to handle Ferrous Raw Material for Green Ironmaking with Low Carbon Emission, hereinafter “Green Ferrous Material”. The four companies exchanged their MOU in the presence of Japanese Prime Minister Fumio Kishida at the Japan-UAE Business Forum that was held in Abu Dhabi, UAE on July 17.

MOU exchange ceremony held in Abu Dhabi, UAE on July 17, 2023 in the presence of Prime Minister Fumio Kishida

With a global trend toward carbon neutrality, achieving de-carbonization in the steel industry is an urgent issue, JFE Steel, which views Direct Reduced Iron as a key initiative for CO₂ emissions reduction, is participating together with Emirates Steel and Itochu as core members in the establishment of a supply chain of Green Ferrous Material. The companies are jointly promoting a detailed feasibility study at the planned project site in Abu Dhabi.

ADPG, the state-owned port operator and economic and industrial zones developer in Abu Dhabi in which the project is planned to be developed, owns 10 ports and 550㎢ of economic and industrial areas. ADPG, like Emirates Steel, is a subsidiary of ADQ (a holding company of the Abu Dhabi government), a state-owned investment company in Abu Dhabi. The parties have agreed that ADPG will participate fully in project-related port development and operations, land leasing and services, and infrastructure development. Collaboration with ADPG will provide the undertaking with access to a suitable site for building a distribution & logistics system capable of stably importing raw materials and shipping products for the envisioned supply chain of Green Ferrous Material.

JFE Steel is taking steps to address climate change in line with the JFE Group Environmental Vision for 2050, which positions climate change as a top priority. Under a multi-track approach to develop a wide range of practical, ultra-innovative technologies, JFE Steel is striving to contribute to the realization of a more sustainable world.

Overview of Abu Dhabi Development Holding Company (ADQ)

Representative	: H.E. Mohammed Hassan Al Swaidi
Business	: Investment in diverse businesses focused on the energy and industrial fields

Overview of Abu Dhabi Ports Group (ADPG)

Representative	: Captain Mohamed Juma Al Shamisi
Business	: Port operations, shipping, logistics and special economic zone development

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・September 1, 2022: JFE Steel, Emirates Steel and Itochu to Study Building Supply Chain of Ferrous Raw Material for Green Ironmaking with Low-carbon Emission

About JFE Steel Corporation

JFE Steel Corporation, one of the world’s leading integrated steel producers, was established through the consolidation of NKK Corporation and Kawasaki Steel Corporation in 2003. The company operates several steelworks in Japan and numerous branch offices and affiliates throughout the world. JFE Steel leverages world-class technologies and know-how to produce a wide range of products based on its “Only One, Number One” strategy of focusing on unique and best-in-class products. The company reported consolidated sales of 2,255 billion yen and consolidated crude steel output of 23.96 million tons in the fiscal year ended March 2021.

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