Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Brazil’s Vale has acquired a minority stake in Boston Electrometallurgical Company (Boston Metal) for $6mn with a view to developing technology-focused green steel. 


Boston Metal has developed a technology called Molten Oxide Electrolysis (MOE), which reduces metal oxides such as iron ore with the use of electricity, Vale said in a statement on Feb 9. The MOE process will allow the reduction of iron ore for the production of steel with zero CO2 emissions.


Boston Metal, which was established in 2012 by professors from the Massachusetts Institute of Technology (MIT), will use Vale’s investment to finance the development of this technology.


Vale expects iron ore production to reach 350mn mt by the end of 2021.


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