Benzinga | Jun 29, 2021 03:01PM EDT

US Steel Reports Execution Of Non-Exclusive Memorandum Of Understanding With Equinor US Holdings To Study Potential For Carbon Capture, Storage, Hydrogen Development In Ohio, Pennsylvania, West Virginia

United States Steel Corporation (NYSE:X) ("U. S. Steel") today announced execution of a non-exclusive Memorandum of Understanding ("MOU") with Equinor US Holdings Inc., an affiliate of Equinor ASA (NYSE:EQNR). Under the MOU, the companies will study the potential for carbon capture and storage ("CCS") and hydrogen development in the tri-state region of Ohio, Pennsylvania, and West Virginia.

Hydrogen based steel processes and CCS are among the more promising and sustainable technologies currently being developed.

"The successful development of hydrogen and CCS technology in the tri-state region will require investment, cooperation, and exploration across political and perceived barriers," said Richard Fruehauf, Senior Vice President, Chief Strategy & Sustainability Officer. "As we build momentum toward our ambitious goal targeting net-zero carbon emissions by 2050, the opportunity to explore the potential for a hydrogen hub in this region -- anchored in the Mon Valley -- is cause for optimism."

The focus of the MOU is to assess the technological and commercial possibilities for hydrogen and CCS. The industry leaders recognize the potential for natural gas coupled with CCS to significantly reduce carbon emissions. The companies plan to explore and demonstrate the potential opportunities for natural gas when coupled with CCS to achieve decarbonization goals.

The scope of work of the MOU includes assessments of regional hydrogen and CCS potential, appropriate customer and supplier screenings, blue hydrogen advocacy, CCS, and examining renewable energy synergies.