Hismelt has invented a new way of making iron that is supposed to cut production costs by 20%, reduce pollustion and convert billions of tons of currently uneconomic iron ore into a valuable commodity.If you think that "old" industry doesn't innovate, think again. Everything that has a use can be improved and even old industries like steel, oil and chemicals have innovation occuring in them every day.
This new process for pig iron (the raw carbonized iron that goes into steel) termed "direct smelting" saves money by
- using crude inputs (coal instead of coke, including high sulfur coal)
- allowing use of crude ores (high phosphorus ore)
- using an efficient high temperature furnace
- allowing efficient economics at smaller scale plants