Speaking during the Association for Iron & Steel Technology's annual Italy Steel Forum, Birat, president of the IF Steelman consultancy, said the technology was developed by the Ultra-Low Carbon Dioxide Steelmaking (ULCOS)consortium. The consortium is made up of companies and organizations from 15 European countries. Birat said the technology could reduce the steel sector's carbon emissions by a factor of four, if fully implemented by 2050. But, he said, there isn't a sustainable business model for it. "We can capture all of the (carbon dioxide)that comes out of the system, and we are using 24 percent less coke. The problem is how much it costs," he said. "It costs more than the margin that steelmakers make today. With the kind of model we have today, we cannot run this technology. We would go bankrupt in a short time."