PwC New Zealand assists NZ Steel in work to cut greenhouse gas emissions

22 May 2023

PwC New Zealand has worked with NZ Steel to help secure government co-investment for a new electric arc furnace for the company’s Glenbrook plant. By using electricity (rather than coal) to manufacture steel, the furnace will remove 800,000 tonnes of CO2 from the atmosphere, representing 1% of New Zealand’s annual emissions. This will create a step change in this country’s emissions reduction plans with the new furnace meeting over 5% of all New Zealand’s required emissions reductions between 2026-2030.

As well as having a significant impact on emissions targets, the new furnace will use scrap steel as the base material to create new materials supporting a circular economy in New Zealand. Maintaining production at Glenbrook will also ensure steel supply can be shored-up for years to come.

The PwC team led by Antonia Robertson and Carl Blanchard, worked in conjunction with NZ Steel to put together the business case for this critical project, setting out the compelling reasons for the co-investment opportunity.

PwC New Zealand partner Carl Blanchard says, “We are proud to have worked on this important project which is a huge step forward in this country’s plans to reduce emissions.”

Partner Antonia Robertson says, “We are thrilled to have supported NZ Steel to secure co-investment in this critical project that provides a step change in emissions and paves the way for a circular economy. It demonstrates how the private and public sector can come together to deliver incredible outcomes for Aotearoa.”