Trane Technologies Reduces the Carbon Impact of HVAC in Homes and Buildings with Low Carbon Steel | Rare Techy

SWORDS, Ireland–(Business Phone)–Trane Technologies (NYSE: TT), a global air conditioner manufacturer, today announced that it will further reduce the carbon impact of its industry-leading, sustainable HVAC solutions by purchasing low-carbon steel from from Nucor Corporation’s (NYSE: NUE) primary supplier, Econiq™, and another supplier from US Steel (NYSE: X), verdeX®. The steel is used in the U.S. manufacturing industry to make heat pumps and air conditioners for Trane® homes, as well as thermal management systems for commercial buildings such as schools and data centers.

“Sustainability is at the core of our strategy, and we are excited to move forward in our journey towards zero-emission HVAC solutions,” said Dave Regnery, chairman and CEO of Trane Technologies. “Our partnership with Nucor Corporation and US Steel will strengthen our products as we continue to decentralize our value chain – from the raw materials we use, to our own operations. , to the real-life impact of our products and services around the world. . We are proud to lead the market transition to a net-free future.”

Representing 20 percent of Trane Technologies’ steel sales, low-carbon steel contains approximately 80 percent less carbon than blast furnace steel. With this purchase, the company aims to reduce carbon emissions by approximately 16,000 tons per year and a reduction of 120,000 metric tons by 2030 – the equivalent of emissions from walking more than 55,000 homes for one year. The steel industry today accounts for about 8 percent of global carbon emissions.

“We are grateful for the opportunity to partner with Trane Technologies as a leading supplier of low carbon, reducing carbon emissions throughout their supply chain,” it said. Leon Topalian, Nucor’s chairman, president and CEO. “Our Econiq™ brand is helping steel end users achieve their growth and business goals, and we’re proud to be a key part of Trane Technologies’ vision of zero- let go.”

“We are excited to help our customers move to a net-free future by creating solutions that work for everyone,” said US Steel president and CEO David B. Burritt. “US Steel’s verdeX® steel is strong enough to handle the daily demands of businesses and homeowners, and can reduce CO2 emissions by up to 70%–80% in manufacturing combined mills.”

Trane Technologies pledges to purchase, prepare or store 50 percent net-zero steel by 2030 and 100 percent net-zero steel by 2050 as a member of SteelZero. Trane Technologies is a founding member of the First Movers Coalition. Through bold, industry-leading actions and partnerships, Trane Technologies is advancing its 2030 Sustainability Commitments, including the Gigaton Challenge, and its promise to be net-zero by 2050, and emission reduction targets mandated by the Science Based Targets Initiative (SBTi).

About Trane Technologies

Trane Technologies is a global innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings and homes. and vehicles. For more information about Trane Technologies, visit www.tranetechnologies.com.

This news release contains “forward-looking statements” that are statements that are not historical facts, including statements about our future prospects and the impact of these obligations. These forward-looking statements are based on our current expectations and are subject to risk and uncertainty, which may cause actual results to differ materially from our current expectations. These factors include, but are not limited to, our financial performance and future goals, including revenue, EPS and operating income; our business practices; request our products and services, including reservations and packages; issuance of capital, including the amount and timing of our payments, our share repurchase program, including the amount and timing of such repurchases and our capital allocation strategy, including to purchases, if any; our forecast of free cash flow and use of such cash; our available income; the performance of the markets we operate; corrective actions and cost savings related to those actions; and our effective tax rate. Other factors that may cause material differences will be disclosed in our Form 10-K for the year ended December 31, 2021, as well as in our subsequent reports on Form 10-Q and other documents. SEC. We do not undertake to update these forward-looking statements.