An agreement has been signed by Alexander Shevelev, CEO of Severstal, and Vadim Yakovlev, First Deputy CEO of Gazprom Neft, to work together to develop new technologies and materials for the production, transportation, storage, and use of hydrogen in reducing carbon dioxide emissions.

The agreement, announced during a panel session at the St. Petersburg Economic Forum (SPIEF) 2021, also gives both parties the opportunity to collaborate on decarbonisation projects.

A mutually agreeable form of decarbonisation could include adjustments in the materials used during the manufacture process, such as substituting hydrocarbon fuel with methane-hydrogen mixtures.

Of the partnership, Shevelev said, “We are delighted that our long-standing strategic partner, Gazprom Neft, shares our focus on hydrogen, and has agreed to partner with us on this critical decarbonisation drive.”

“I am confident that together we can make a significant contribution towards achieving our strategic goals of reducing CO2 emissions and, at the same time, realising the potential of hydrogen for its use in the raw materials market of the future.”

According to the World Steel Association, Severstal currently ranks 11th among global steel companies in terms of greenhouse gas emissions (the top 25%).

In 2021, the company established a corporate division dedicated to achieving its target to reduce its emissions by 3% by 2023.