What I like about this idea is it's a way to take carbon out of the air while manufacturing something. We are going to have to deal with carbon no matter what, why not manufacture things with it?
Making steel is how we got here. Europe was decimating her forests for charcoal. England ran out first, then turned to coal, then needed to pump water out of coal mines...
Good reads, if this area interests you, are Fernand Braudel Civilization and Capitalism Vol 1: The Structures of Everyday Life and Vaclav Smil Energy and Civilization: A History.
It has a carbon neutral implementation (grow trees, the burn them) but it also has a carbon positive alternative which I much cheaper (cut down existing forests an go out of business once there's no forests)