Pittsburgh-based United States Steel Corp. (U. S. Steel) recently released its 2023 Task Force on Climate-Related Financial Disclosures (TCFD) report
The 2023 TCFD report outlines which climate-related opportunities exist and how climate-related risks are managed. It also outlines the company’s approach to addressing climate-related issues in the areas of governance, strategy, risk management, and metrics and targets.
The company will use the insights gained from the TCFD to further integrate updated climate risk considerations, to inform its Enterprise Risk Management program and strengthen its overall resilience.
The climate-related opportunities highlighted in the report include the distribution of renewable energy, specifically the company’s verdeX steel and InduX electrical steel, and opportunities to expand low-carbon and specialized products to meet an increased market demand and an increased consumption of steel used in production.
The 2023 TCFD report builds on the company’s 2021 TCFD report. It reassesses climate-related physical and transition risks and adds new location-based quantitative impact assessments of facilities and suppliers.
It also reaffirms the company’s commitment to increased transparency and disclosure of its sustainability program.
U. S. Steel operates throughout the United States and Central Europe with an annual raw steelmaking capability of 22.4 million net tons. It serves the appliance, automotive, containers,
construction, energy, and packaging industries.