China accelerates phase-out of coal in steelmaking
Absolute ban on new steelmaking and blast furnace shut-down wipes out largest potential market for Grassy Mountain’s second-rate metallurgical coal.
While Northback CEO Mike Young makes unsubstantiated claims that Asian steelmakers are panting for what even he admits is second-rate coal from his Grassy Mountain scheme, the world dominant steel producer says it ain’t so.
President Xi Jinping told a United Nations climate summit that China is accelerating its industrial decarbonization.
According to the Sept. 24 New York Times, “For the first time, China has announced a detailed target for reducing the greenhouse gas emissions from its immense economy, saying on Wednesday that it would cut carbon dioxide and other pollution by at least 7 to 10 percent by 2035.”
More specifically, on Sept. 22 China’s government declared a total ban on new steelmaking capacity and ordered operators to urgently accelerate the shut-down of coal-fueled blast furnaces.
“The government plan requires companies to accelerate the elimination of outdated facilities, particularly old blast furnaces and converters, while ensuring that more than 80 percent of production capacity completes ultra-low emission upgrades by the end of this year,” reported the state-owned Yicai Global.
Northback’s Grassy Mountain scam scheme is generating a lot more bullshit than coal.