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Trading Idea of the Day
NYSE:SCHN - Schnitzer Steel Industries - BULLISH BIAS
- According to the New South Wales government, the steel production industry alone emits 6-9 % of global CO2 emissions and with a growing population, the demand for steel is expected to rise by 50% by 2050.
- Schnitzer Steel has recognised this growing demand for steel and has made it its mission to decarbonize the steel industry. Through its extensive steel recycling business, Schnitzer Steel repurposes millions of tons of steel that would otherwise end up in a landfill.
- Through efficient recovery technologies and a mill powered by hydroelectricity, the company is able to reduce air emissions significantly per ton of steel produced compared to traditional methods.
- In 2021 the company achieved its goal of 100% net carbon-free electricity use at its facilities. For the 8th consecutive year, Schnitzer Steel has earned a place among Ethisphere’s list of the World’s Most Ethical Companies which is a testament to the company’s dedication to enacting positive environmental change in the steel industry.
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APAC Daily Report
Market Snapshot & Highlights as of 7am AEST
Global Markets Headlines
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- Goldman Sachs raises crude price forecast after ‘OPEC+ takes on the West’ (CNBC)
- Europe’s gas storage is almost full for winter. But next year could look very different (CNBC)
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