Tata Steel has acquired the full intellectual property rights in a revolutionary technology from Rio Tinto for an undisclosed amount.
The company has been testing the groundbreaking technology called HIsarna at its IJmuiden steelworks in the Netherlands.
The company has developed the technology to reduce carbon emissions by 20% as well as reducing steelmaking costs through lower-priced raw materials, up to half of which could be recycled scrap steel.
HIsarna is a completely new technology in the steelmaking process which combines Tata Steel’s cyclone converter furnace with Rio Tinto’s smelter.
T V Narendran, Tata Steel Managing Director, said: “Acquisition of full intellectual property rights for Hlsarna, is a significant step towards establishing our pioneering credentials in the steel manufacturing space and ensuring long-term sustainability of the business, Reduction in use of energy and carbon emissions is a challenge for the steel industry.”