Steel energy transition outlook 2024 Report

Insight 30 April 2024

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Report summary

Leading steelmakers in Europe first came together in 2016 to develop a technology for fossil-free iron and steelmaking. Fast forward to April 2024, and the world has seen 200+ low-carbon steel projects being announced across various shades of ‘green’ in the past few years. Key questions emerge: • How will the steel industry trim its carbon footprint? • With the Asia Pacific steel industry so young, can 2030 be the turning point as 60% of global blast furnace capacity hits a mid-life crisis? • Direct reduced iron (DRI) is emerging as the main protagonist. What is the hype on Electric Smelting Furnace? • H-DRI projects now rule our decarbonisation tracker, and some offtake agreements are in place. What will it cost to make hydrogen-based steel and who will foot the bill? • What will be the opportunities for energy transition for steel? • What is the status of policy support as green steel comes to life?