Sweden’s SSAB, LKAB and Vattenfall have developed HYBRIT (hydrogen breakthrough ironmaking technology) and aim to produce steel free of fossil fuel by 2026. This process replaces coking coal with hydrogen produced from renewable electricity, potentially reducing Sweden’s carbon emissions by 10 per cent.
By embracing EAFs and having recycled feed make up 77 per cent of its steel products, Nucor slashed its carbon footprint to just one-third of the global steel industry average, a new standard for eco-friendly steel production.
Tata Steel, one of India’s largest producers, has embarked on plans to make green steel and carbon-neutral steel across Europe by 2050, and has set ambitious targets for carbon reduction. In India, it aims to reduce its CO2 emissions to less than 2 tonnes per tonne of crude steel by 2025, well below the global average.
Industry collaboration is crucial, and initiatives like ResponsibleSteel, a global multi-stakeholder standard and certification programme, are promoting sustainability across the steel supply chain. ResponsibleSteel members, including ArcelorMittal, BlueScope, Tata Steel and Posco, are working to address environmental and social issues in steel production.
The progress made by companies like ArcelorMittal, Tata Steel and SSAB shows a greener future for steel production is not just possible, it’s under way. Their efforts are paving the way for other carbon-intensive industries to follow suit, showing that even the most traditional sectors can adapt and thrive in a low-carbon economy. It demonstrates the importance of long-term vision, the power of cross-sector collaboration and the potential for technological innovation to solve seemingly intractable problems.
The journey towards truly sustainable steel production is far from over. The industry must continue to innovate, invest in new technologies and collaborate across borders and sectors. Investors must recognise the long-term value of green steel and direct capital towards companies leading in sustainability. Consumers can also play a crucial role by demanding low-carbon steel products.
As the world stands at the crossroads of industrial legacy and environmental imperative, choices made now will shape the future of not just the steel industry, but the planet. The steel sector is proving that it’s possible to forge a future where industrial prowess and environmental stewardship are not mutually exclusive, but rather mutually reinforcing.
The steel industry, once a symbol of industrial pollution, is blazing a trail towards a cleaner, greener future. It’s time for other industries to follow suit. Our future depends on this crucial transformation.
Professor Syed Munir Khasru is chairman of the international think tank IPAG Asia-Pacific, Australia, with a presence also in Dhaka, Delhi, Dubai, Vienna and Mauritius