Baosteel, ExxonMobil ink MoU on decarbonization

Baoshan Iron & Steel Co (Baosteel), the listed-arm of the world's largest steelmaker China Baowu Steel Group, and Texas-based ExxonMobil Corporation of the US, one of the world's largest integrated fuels, lubricants and chemical companies, have signed a Memorandum of Understanding (MoU) to explore new cooperation opportunities in low-carbon business, Baosteel announced on January 16 via its official Wechat account.

Under the MoU, the two parties will collaborate in "exploring low-carbon business, including potential low-carbon energy solutions, carbon capture and storage value chain, and certification of Baosteel's low-carbon footprint products," the release noted. By coincidence, early last week ExxonMobil published its 2024 Advancing Climate Solutions Report, highlighting the company's progress