Pedal to the Metal

The report analyzes the global iron and steel fleet, noting that while electric arc furnace (EAF) and direct reduced iron (DRI) capacities are growing in development plans, implementation lags. India is identified as the primary driver of global steel capacity, with a high concentration of coal-based projects that could prevent the sector from meeting the IEA's 37% EAF target by 2030. Additionally, Australia and Brazil are highlighted as having significant untapped potential for green ironmaking due to their iron ore reserves and renewable energy capacity.

• Global steelmaking is trending toward the IEA's 37% electric arc furnace (EAF) target for 2030, with current projections suggesting the fleet could reach 36% EAF capacity if developments and retirements proceed.
• India has become the leading developer of new steel capacity, accounting for 57% of all coal-based basic oxygen furnace (BOF) capacity under development, with a total pipeline of 352 mtpa.
• There is a significant gap between the planning and construction of cleaner steel technologies; while EAF-based capacity represents 50% of projects in development, less than one-third of those are actually under construction.
• Direct reduced iron (DRI) is increasing its share of new ironmaking capacity to 42% of developments, compared to only 10% of current operating capacity.
• Australia and Brazil possess the high-grade iron ore reserves and renewable energy potential necessary for green DRI-EAF steelmaking, but both countries currently lag in deploying these cleaner technologies.

APA

Grigsby-Schulte, A. (2025). Pedal to the Metal. Global Energy Monitor. https://globalenergymonitor.org/research/pedal-metal-2025

Chicago

Grigsby-Schulte, Astrid. Pedal to the Metal. Global Energy Monitor, 2025. https://globalenergymonitor.org/research/pedal-metal-2025.

Wikipedia

{{cite report |last1=Grigsby-Schulte |first1=Astrid |title=Pedal to the Metal |publisher=Global Energy Monitor |date=29 May 2025 |url=https://globalenergymonitor.org/research/pedal-metal-2025 |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{grigsbyschulte2025pedal, author = {Grigsby-Schulte, Astrid}, title = {{Pedal to the Metal}}, institution = {Global Energy Monitor}, year = {2025}, month = may, url = {https://globalenergymonitor.org/research/pedal-metal-2025}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }