The agreement's focus areas include low-carbon sintering technology, blast furnace and basic oxygen furnace optimization, and carbon capture and utilization, it said.

Rio Tinto and Baowu said on Wednesday that they will set up a JV to develop the Western Range iron ore mine project in Pilbara.

Rio Tinto will account for 54 percent of the joint venture while China Baowu will account for 46 percent.

The company has also kept its Spanish Sestao electric arc furnace-based coils mill off line, given weak demand and high energy costs.

Similarly, silico-manganese prices remained stable at €1,240-1,320/t ddp on sluggish appetite for fresh spot bookings.

Similarly, silico-manganese prices remained stable at €1,240-1,320/t ddp on sluggish appetite for fresh spot bookings.

European market leader ArcelorMittal is idling blast furnace A at its Asturias plant in Spain in response to weak demand.

The producer will also stop a direct reduction plant in Hamburg, where it produces wire rod, from the fourth quarter.