In a statement, Rio Tinto chief executive J-S Jacques said the partnership will drive solutions to lower the steel industry's carbon footprint.

"The materials we produce have an important role to play in the transition to a low-carbon future, and we are committed to partnering with our customers and others to find the most sustainable ways to produce, process and market them. We are already doing this in aluminum and now, through this partnership, we will be doing it in the steel industry.”

Rio Tinto said the agreement provides for the formation of a joint working group, which will be tasked with developing a plan of action for reducing carbon emissions. The group will be looking at how to best make use of the partners’ complementary strengths in research and development, technology,  process, equipment, and logistics.