Vale invests in Boston Metal, eyeing carbon-free steel

Vale has paid $6 million for a minority stake in the Boston Electrometallurgical Company (Boston Metal) as part of efforts to produce steel without carbon emissions, according to a statement on Tuesday.

Boston Metal is a pre-operational company founded in 2012 by professors at the Massachusetts Institute of Technology working on molten oxide electrolysis in order to transform iron ore for steel production without making carbon dioxide, Vale said.