By Colin Kellaher

Nucor on Thursday said it struck a deal with energy giant ExxonMobil to capture, transport and store carbon from the steelmaker's direct-reduced-iron plant in Convent, La.

Charlotte, N.C.-based Nucor said ExxonMobil would capture up to 800,000 metric tons of carbon dioxide a year from the plant and store it at a facility in Louisiana.

Nucor said the project, slated to begin in 2026, is a key part of its decarbonization strategy. The company in 2021 said it was targeting a 35% reduction in its greenhouse gas emissions intensity from a 2015 baseline by 2030.

According to ExxonMobil's website, carbon capture and storage is the process of taking CO2 that would otherwise be released into the atmosphere from industrial activity and injecting it into deep geologic formations for secure and permanent storage.

The Irving, Texas, company said the technology is aimed at reducing emissions at scale from high-heat and high-power industrial and manufacturing sectors where there are no other near-term solutions to mitigate CO2 emissions.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 01, 2023 08:52 ET (12:52 GMT)

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