Transforming Steel

Transformation of the steel industry | critical factors
  • Direct iron reduction with green hydrogen
  • Carbon capture and storage (CCS)
  • Additional gains will come from direct iron reduction with natural gas (with CCS on remaining emissions), and increased scrap use

Global burden of steel production

Industry-endorsed strategy

In 2022, we developed a Steel Sector Transition Strategy in collaboration with a diverse set of industry leaders. This provides a shared vision for a clean steel future, modelling of pathways, real economy milestones and the industry, policy and finance actions required to get there. Assumptions have not been updated since publication, but the STS still represents a quantitative reference point.

Sector Transition Strategy documents

Report | Making net-zero steel possible

Industry-backed 1.5°C aligned transition strategy download

Executive summary download
Infographics summary download
Pathways to net zero interactive modelling
Model code github

Further reading | Steel

Korea is one of a number of countries across the East Asian region where the steel sector is facing a pivotal moment, this is the first in a series of reports where we examine the opportunities for countries to reinforce the foundations of their industrial strength.

Steel’s transformation | Korean report 2026 | English download

철강 산업의 대전환 | Korean report 2026 | Korean download

Korean Chamber of Commerce and Industry

Mission Possible Partnership and the Korea Chamber of Commerce and Industry are hosting a dialogue on the core enabling conditions needed to commercialise low-carbon steel production in Korea.

  • The European Commission is deliberating a revision of the European Trading System – the flagship instrument of climate policy
  • Lobby groups are pushing hard to extend the free credit allowances and push back the 2040 horizon. This is a crucial juncture
  • Europe’s resilience and competitiveness are at stake
  • Europe’s growing ETS revenue can be redirected to mechanism that create demand certainty and unlock clean industrial investment

More to Explore

Endorsed by 50 global business leaders and a network of more than 700 financial institutions, the Industrial Transition Accelerator (ITA) has issued an open letter urging governments to use proven policy measures to stimulate demand for green products and better seize the potential of industrial decarbonisation

Mission Possible Partnership’s Green Market Makers report was launched at the inaugural NYCW Green Markets Day 2024. Comments made by John Podesta, Senior Advisor to the US President for International Climate Policy, during his keynote speech at the launch event, are shared here.

New ‘industrial sunbelt’ set to overtake the world’s biggest economies in clean industry race

China remains the frontrunner in clean industry development, securing a quarter of the $250 billion of investment in clean plants to date, closely followed by the US at 22% and the EU at 14%. But a block of emerging markets including India, Egypt and Brazil, part of the ‘new industrial sunbelt’, is quickly catching up.

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