New Zealand Steel will prepare the installation of a new US$300 million electric arc furnace (EAF) at its Glenbrook site, and the facility is expected to be put into operation by 2026.

According to New Zealand Steel, the planning and internal approvals are ready for the project. Besides, the government has confirmed a co-fund of US$140 million for the project, and the company itself will invest US$160 million.

The new furnace would reduce the company's greenhouse gas emissions by at least 45% and lower Glenbrook’s carbon footprint by 800,000 tons per year.