ESG Today reports that the upcoming factory could make Hybar one of the lowest North American steel producers, as demand for low-carbon steel is increasing, especially in the automotive industry.

The global steel production accounts for 7-9% of the world's greenhouse gas emissions coming from the direct use of fossil fuels.

Hybar is using an advanced steelmaking technique, which allows the company to reduce the amount of power it needs for the production of steel bars and solar renewable power will enable the facility to operate on 100% green energy.

Company officials announced that 470 million USD of the total 700 will be used to build the facility, while the rest will be used to begin the operations.