BHP and Rio take competition out of going green [Reuters]
BLUESCOPE STL UNS/ADR NEW (BLSFY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
MELBOURNE, Feb 9 (Reuters Breakingviews) - Capitalism and creativity are meant to thrive on healthy competition. Throw in the challenge of climate change and business rivalries can do more harm than good. Two of the world's biggest iron ore miners effectively acknowledged that on Friday: BHP (BHP.AX) , opens new tab and Rio Tinto (RIO.L) , opens new tab (RIO.AX) , opens new tab announced a partnership , opens new tab with Australian manufacturer BlueScope Steel (BSL.AX) , opens new tab to try to decarbonise how the alloy is produced. It's smart on many levels. First, pooling resources could speed up finding a solution, which means the industry could cut emissions faster. That's critical for the planet because the current steelmaking process, which involves throwing iron ore into a blast furnace powered by coal, accounts for around 8% of the carbon belched globally into the atmosphere. Working together, the companies may end up spending less than they would have individually to achi
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