Building momentum for iron and steel decarbonization

The 2024 'Pedal to the Metal' report by Global Energy Monitor finds a significant shift toward lower-emissions electric arc furnace (EAF) steelmaking in new announcements, with 93% of newly announced capacity following this route. However, a substantial gap exists between announcements and construction, as less than 14% of potential EAF capacity is currently being built, and 46% of projects under construction remain based on basic oxygen furnaces (BOF). While direct reduced iron (DRI) now makes up 36% of developing ironmaking capacity, 308 mtpa of new coal-based blast furnace capacity is still under development globally, primarily driven by India and China, posing a risk of carbon lock-in.

• There is a strong trend toward electric arc furnace (EAF) steelmaking in new project announcements, with 93% of newly announced capacity utilizing this route. Planned additions include 310 mtpa of EAF capacity, compared to 171 mtpa of higher-emissions basic oxygen furnace (BOF) capacity.
• A significant discrepancy exists between announced low-emissions capacity and actual construction; less than 14% of potential EAF capacity is currently under construction, and nearly 46% of all projects that have started construction are still BOF-based.
• Direct reduced iron (DRI) is increasing its share of developing ironmaking capacity to 36%, up from 9% of global operating capacity, though it requires green hydrogen to achieve net zero production.
• Carbon lock-in remains a risk as 308 mtpa of new coal-based blast furnace (BF) capacity is under development across sixteen countries. China and India are the dominant developers of this coal-based capacity, with China adding 32 mtpa of BF capacity into construction in 2023.
• India has become the top developer of coal-based BOF capacity and the top developer of overall steel capacity, accounting for 258 mtpa (one-third) of total global steelmaking capacity that is announced or under construction.

APA

Swalec, C. (2024). Building momentum for iron and steel decarbonization. Global Energy Monitor. https://globalenergymonitor.org/research/pedal-metal-2024

Chicago

Swalec, Caitlin. Building momentum for iron and steel decarbonization. Global Energy Monitor, 2024. https://globalenergymonitor.org/research/pedal-metal-2024.

Wikipedia

{{cite report |last1=Swalec |first1=Caitlin |title=Building momentum for iron and steel decarbonization |publisher=Global Energy Monitor |date=29 July 2024 |url=https://globalenergymonitor.org/research/pedal-metal-2024 |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{swalec2024building, author = {Swalec, Caitlin}, title = {{Building momentum for iron and steel decarbonization}}, institution = {Global Energy Monitor}, year = {2024}, month = jul, url = {https://globalenergymonitor.org/research/pedal-metal-2024}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }