By Maitane Sardon 
 

Germany's Thyssenkrupp AG (TKA.XE) on Tuesday said it aims to reduce its carbon-dioxide emissions by 30% over the next ten years as part its goal to align its strategy with the Paris Agreement on climate change.

The group--that produced 24 million tons of CO2 emissions last fiscal year--said it wants to reduce emissions generated by its products by 16% through 2030. It also aims to be carbon-neutral by 2050.

The announcement follows a similar move by European steelmaker ArcelorMittal(MT.FR) which said in May that it aims to be carbon neutral in its European operations by 2050.

"The threats of climate change are affecting us all," said Thyssenkrupp's CEO Guido Kerkhoff."As a globally operating industrial company, we have a particularly large lever [of greenhouse gas emissions]. We take this responsibility very seriously."

The announcement comes as the steelmaking industry, which generates between 7% and 9% of the world's CO2 according to the World Steel Association, faces increasing pressure from environmentally-minded investors.

 

Write to Maitane Sardon at maitane.sardon@dowjones.com

 

(END) Dow Jones Newswires

July 02, 2019 08:03 ET (12:03 GMT)

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