Nucor Signs Agreement with Mercedes-Benz to Supply Econiq-RE
Econiq-RE certifies Nucor steel or steel products are made with 100% renewable energy.
Posted: April 10, 2024
Nucor Corp. recently (NYSE: NUE) announced that it has signed an agreement with Mercedes-Benz to supply Econiq™-RE for Mercedes-Benz models produced at their Tuscaloosa, AL manufacturing plant.
Since its inception in 2022, Econiq has led the global steel industry in certifying low-embodied carbon materials. By using Econiq-RE, an evolutionary category of Econiq that certifies Nucor steel or steel products made with 100% renewable energy, greenhouse gas emissions can be reduced to less than half that of extractive blast furnace-based steel production (Scopes 1, 2 & 3).
“Nucor is grateful for the opportunity to partner with Mercedes-Benz as a strategic supplier of lower-embodied carbon steel, which will reduce carbon emissions throughout their supply chain,” said Dan Needham, EVP of Commercial. “Our Econiq brand is helping steel end-users meet their growth and sustainability goals, and we are proud that it is going to be a key piece of Mercedes-Benz’s path towards a net carbon-neutral new car fleet along the entire value chain.”
In 2023, Nucor announced Net-Zero science-based greenhouse gas (GHG) targets for 2050 and used an average of nearly 80 percent recycled scrap through the company’s circular production process. Nucor is also the largest recycler in the Western Hemisphere. With its continued investment in breakthrough technologies to lower emissions across the supply chain, Nucor is committed to reshaping the industry by not only making steel more sustainably but enabling partners to reach their own carbon reduction goals.
