US oil major is building a carbon management business
ExxonMobil signs CCS deal with steelmaker Nucor
Oil major sees CCS for third parties as a ‘compelling’ business as latest contract takes total portfolio to 5mn t/yr
ExxonMobil has signed a CCS deal with Nucor, one of North America’s largest steelmakers, in the latest sign that it sees carbon management for third-party emitters as a potentially lucrative business. The US oil major has agreed to capture, transport and store up to 800,000t/yr of CO₂ from Nucor’s direct reduced iron plant in Convent, Louisiana. The project is expected to start up in 2026. The deal takes ExxonMobil’s total CCS agreements with third parties to 5mn t/yr and marks its first contract with a hard-to-abate emitter. 800,000t/yr – Capacity of Nucor project “Our agreement with Nucor is the latest example of how we are delivering on our mission to help accelerate the world's p
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