This is the lifespan of the plant, the construction of which is in line with Rider Steel’s development and decarbonization strategy in Ghana. In 2020, the company received support from the International Finance Corporation (IFC) in the form of a $12 million financing package for the construction of a new plant designed to increase Ghana’s total steel production by over 75%, using mainly locally sourced steel scrap.
Although steel is an essential material in modern life, it is also the biggest emitter of CO2 among heavy industries, and the second biggest consumer of energy. According to the World Steel Association (WSA), the steel sector accounted for 7.6% of global greenhouse gas (GHG) emissions in 2018, and 31% of industrial emissions. Hence the urgency of decarbonization, notably through the adoption of renewable energies.