JFE Steel Corporation
JFE Steel to Sell JGreeX™ to Singapore-based Steel Wholesaler Hock Seng Hoe
JFE Steel Corporation announced today that it will sell its JGreeX™ green steel to Hock Seng Hoe, a leading steel wholesaler in Singapore, marking the first sale of JGreeX™ to a Southeast Asian company.
JFE Steel uses the mass-balance approach to allocate emission reductions to specific JGreeX™ green-steel products. In accordance with Japan Iron and Steel Federation guidelines, JFE Steel allocates the environmental value of CO2 emission reductions achieved across an entire manufacturing process to specific steel products, which are then considered to have low CO2 emission intensity.
Hock Seng Hoe wholesales steel plates for shipbuilding, construction and offshore structures. The company has set a target to reduce its CO2 emissions by 50% as of 2028, including through improved logistics and reduced waste generation, among other initiatives aimed ultimately at making Hock Seng Hoe carbon neutral by 2050. Hock Seng Hoe has now selected JFE Steel’s JGreeX™ steel products to implement a plan to sell 2,000 tons of green steel annually.
JFE Steel aims to promote JGreeX™ to many other potential customers in Southeast Asia and thereby expand the regional market for green steel. Going forward, JFE Steel is committed to contributing to decarbonization by expanding its supply of JGreeX™ and other eco-products offering reduced CO2 emissions.
About Hock Seng Hoe
|Hock Seng Hoe Metal Co. Pte. Ltd.
|March 12, 2009
|24 Tuas Ave 4, Singapore 639374
|Sam Chee Keong
|Wholesale of steel products
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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