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Steel Industry to Decarbonize by 2050

  • 10.01.2022

The steel industry can reduce emissions to almost zero by as early as 2050. 

Today, about 70 percent of the steel is produced in coal-fired blast furnaces, 25 percent is produced from scrap in electric furnaces and 5 percent is made using direct reduced iron reduction.

BloombergNEF’s (BNEF) experts forecast 45 percent of the steel to be produced from recycled material, 31 percent to be made using DRI reduction with green hydrogen, and 24 percent to come from plants fitted with carbon-capture systems, in a low-carbon economy, by 2050. 

Producing green steel from hydrogen and electric furnaces will require massive amounts of clean energy and a shift to higher grades of iron ore. This can radically change the current location of key production facilities. 

For example, Australia produces lower grade ores and it could lose leadership if does not upgrade equipment to improve products. Russia and Brazil have access to high-quality iron ore reserves and they have a great potential to develop their electric steelmaking industry, to become leaders in green metallurgy.