Think of “green,” and power-hungry, heavily polluting steel mills are hardly the first thing that comes to mind. But privately owned steel maker China Oriental Group Co. Ltd. (0581.HK) wants to change that perception with its new move into environmentally friendly products.
Last Wednesday, the company, which makes steel beams and strips widely used in construction and construction machinery, announced its formation of two joint ventures with ArcelorMittal (MT.US), the world’s second-largest steelmaker. The ventures will produce items that can be used in manufacturing goods from electric vehicles (EVs) to green power facilities.
China Oriental called the foray a “high-tech, green, and digital” endeavor to expand into higher-end products that align with China’s carbon neutrality efforts and the thriving EV market, according to the announcement.