Japan Steel Raw Materials Cost could Rise Over 2 trillion yen in F2008

Japan Iron and Steel Federation launches development program for innovative iron making process in fiscal 2008 starting April to reduce carbon dioxide emission in worldwide steel industry. The federation tries to develop technology to separate CO2 from CO2 rich blast furnace gas and technology to recover hydrogen from coke gas efficiently to utilize for reducing iron ore when Japanese government tries to halve the greenhouse gas worldwide by 2050 by developing new technology. The federation tries to start utilize those technology in commercial base between 2030-2050 targeting 30% CO2 reduction. The federation develops the technology as national project sponsored by New Energy and Industrial Technology Development Organization (NEDO). The federation applies to the project to develop environmental friendly iron making process, which NEDO plans to solicit applicants in mid-April for the CO2 Ultimate Reduction in Steelmaking process by innovative technology for cool Earth 50 (COURSE50). After it wins the development project, the federation will launch special committee to develop the technology with integrated steel makers. The 10 billion yen and 5-year project is planned to budget 560 million yen for fiscal 2008. The federation expects the committee starts the activity in July and one or 2 members from each integrated steel makers.