- Britain's steel sector needs to urgently transition to newer technologies to reduce the greenhouse emissions, a new report has warned.
- EAC has warned that the British government's initiatives to reduce carbon emissions 'lack ambition’.
Several companies in the UK have pledged to reduce their greenhouse emissions and achieve the net-zero target by the middle of the century. While most of them are taking adequate measures to reach the milestone, some are lagging in opting for modern methods that result in fewer emissions. The country's steel industry, for example, urgently needs to switch to cleaner technologies to reach the net-zero goal, according to a report.
The report, published by the environmental audit committee (EAC), has warned that the British government's initiatives to reduce carbon emissions 'lack ambition' when compared to other countries. The committee also urged the government to invest in research and development of newer technologies aimed at decarbonisation.
© 2022 Kalkine Media®
Britain's steel industry, which accounts for 14% of the country's industrial emissions at present, could be in jeopardy unless the government comes up with a clear strategy supported by funding, the report said.
In the wake of this report, let us take a look at some metal stocks and how they have been faring.
BHP Group Plc (LON: BHP)
The Australia-based mining company operates in several countries and is listed on the FTSE100 index. It is engaged in the production of multiple commodities like aluminium, copper, precious metals, uranium, iron ore, coal, etc. On Wednesday, the company announced that the merger of its oil and gas portfolio with Woodside Energy Group Limited had been completed.
BHP's shares traded at GBX 2,531.00, up 0.64%, at 10:55 am GMT+1 on 1 June 2022 with a market capitalisation of £53,118.61 million. It has given a return of 33.20% to the investors in the last one year. The year-to-date return stands at 28.97%.
Rio Tinto Plc (LON: RIO)
Rio Tinto is among the world's largest metals and mining companies and is an FTSE100 constituent. The company produces copper, iron ore, aluminium, gold, uranium, and minerals. Last year, the company announced that it is working on a new technology that will help deliver low carbon steel.
Rio Tinto currently has a market cap of £71,833.72 million. Its share price hovered at GBX 5,678.26, down 1.25%, on 1 June 2022 at around 10:57 am GMT+1. Over the past one year, the share value has plunged by 6.30%, while the YTD return stands at 16.13%.
Glencore Plc (LON: GLEN)
Glencore is a commodity trading and mining company and one of the world's largest globally diversified natural resource firms. It produces and markets over 90 commodities and has operations in more than 35 countries.
The company's shares were trading 0.43% lower at GBX 519.90 as of 11:26 am GMT+1 on Wednesday. Its market cap is £68,633.69 million as of 1 June 2022, and the shares have given a significant return of 61.64% to the investors in the last one year. On a YTD basis, the return stands at 38.55%.
Note: The above content constitutes a very preliminary observation or view based on industry trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.