SKF and Swiss Steel Group reduce CO2 emissions from steel products in rolling bearing production by 40%

SKF continues to reduce its carbon footprint globally to meet its decarbonization targets by 2030 and achieve net-zero emissions across the supply chain by 2050. In a new collaboration, SKF has chosen to source “GreenSteel Climate+” from Swiss Steel Group for bars and wires produced in EMEA. “GreenSteel Climate+” is produced from steel scrap and in electric arc furnaces using green electricity from renewable sources.  The steel sourced from Swiss Steel Group is used directly to produce components across SKF’s European plants as well as by the Group’s suppliers. Use of the “GreenSteel Climate+” compared to ordinary produced steel has reduced SKF’s CO2emissions related to steel bars and wire by 40% over a period of nine months.     "SKF is committed to decarbonizing our operations by 2030 and achieving net-zero emissions across our supply chain by 2050. The significant CO2reduction from using Green Steel Climate+ products within a year is very encouraging and a step forward in achieving these goals. We will now focus on looking on how we can apply these lessons to our broader business", says Magnus Rosen, Head of Sustainability at SKF.   As one of the largest electric arc furnace steel producers in Europe, the Swiss Steel Group has specialised knowledge in recycling, the circular economy, and electric arc furnace technology. Swiss Steel Group's crude steel CO2emissions are significantly lower than the industry average. Additionally, Green Steel Climate+ is manufactured solely using renewable electricity, significantly reducing Scope 2 emissions. This has resulted in an average 40% reduction in CO2emissions for the products delivered to SKF by using Green Steel Climate+.   This agreement with a significant partner like SKF marks a major milestone for Swiss Steel Group in advancing sustainable supply chains. Steel plays a key role in the decarbonization of end products, and our expertise in recycling, circular economy, and electric arc furnace technology enables us to produce crude steel with up to 83% lower CO2 emissions than the industry average.” says Frank Koch, CEO of Swiss Steel Group.   SKF has committed to decarbonize all its operations by 2030 and to have a supply chain with net zero greenhouse gas emissions by 2050. Work to reduce scope 1 and 2 emissions at SKF delivered an absolute year on year reduction of 18% in 2023 and SKF is on track to deliver on its 2030 target.