Fortescue, one of the world's largest iron ore miners, has signed a Memorandum of Understanding (MoU) with China Baowu Steel Group Corporation to work together on reducing emissions associated with iron and steel making.

This collaboration will explore lower emission--iron-making technology at one of China Baowu's operations in China using Fortescue iron ore and green hydrogen, iron ore beneficiation research and development, and collaboration opportunities in renewable energy and green hydrogen.

"This MoU further strengthens our longstanding partnership with China Baowu, the world's biggest steel maker and Fortescue's largest customer, and reflects our collective commitment to eliminate emissions," said Fortescue Metals Chief Executive Officer Fiona Hick.

"Fortescue is exploring a range of options to reduce emissions in the steel value chain including through partnerships with suppliers, customers and research institutes. We firmly believe that collaboration and partnerships such as this will be integral to developing the technologies required to deliver on our ambitious target of net zero Scope 3 emissions by 2040."

"Fortescue's strategy of transitioning into a green energy and resources company is aligned with Baowu's future development plan. We look forward to conducting more substantive collaborations together on iron ore, green energy and resource development," said Chen Derong, chairman of China Baowu.