The Port Kembla steelworks has nine years to figure out how to cut its emissions by 12 per cent.
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That target features in BlueScope's first climate report, released on Wednesday.
At the company's profit announcement earlier this month, CEO Mark Vassella unveiled the company's aim to be carbon neutral by 2050.
"We acknowledge that achieving the 2050 net zero goal is highly dependent on several enablers, including the commerciality of emerging and breakthrough technologies, the availability of affordable and reliable renewable energy and hydrogen, the availability of quality raw materials, and appropriate policy settings," Mr Vassella said in the climate report.
The report introduced "mid-term" greenhouse gas emission targets.
As far as steelmaking goes, the Port Kembla steelworks as well as plants in New Zealand and the US must each cut emissions by 12 per cent, from a 2018 base.
Also, non-steelmaking areas of the business - such as the Springhill plant where steel from Port Kembla is painted and turned into Colorbond - will need to hit a 30 per cent reduction target.
In the near to mid-term, the report stated the company's focus would be on getting the best out of its existing equipment.
"This could include optimising raw material mixes, capturing and reusing a greater proportion of waste heat and gases, potentially replacing a portion of the coal currently used in the blast furnace process with alternative reductants such as hydrogen and establishing markets for co-products via carbon capture, utilisation and storage," the report stated.
To fund these reductions, Bluescope estimated it would cost between $300 and $400 million through to 2030.
"To that end, we have made an initial allocation of up to $150 million over the next five years to help deliver on our mid-term commitments," the report stated.
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Glen Humphries
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
I'm an award-winning senior journalist with the Illawarra Mercury and have well over two decades' worth of experience in newspapers. I cover the three local councils in the Illawarra for the Mercury, state and federal politics, as well as writing for the TV guide. If I'm not writing, I'm reading.
