Matter Transparency 2024: Insights into the Steel Industry's Evolving Commitments to Reach Net Zero 2050

The briefing finds that while net zero commitments among the top 50 steel producers have slightly increased, half of these companies still lack a 2050 target, and 23 lack concrete intermediate milestones. Transparency remains low, with only 15 companies defining their emission scopes. The report highlights the 2023 launch of the Science Based Targets initiative (SBTi) steel sector guidance as a key tool for improving target transparency and ambition, citing SSAB and Thyssenkrupp as early adopters.

• Half of the top 50 steel producers do not have a net zero target. Specifically, 16 companies (producing 272 Mtpa) have not stated a target in public reporting, and 9 companies (producing 133 Mtpa) provided no information on climate targets.
• Twenty of the top 50 producers now target net zero by 2050 or earlier, an increase from 17 in 2023. However, 5 companies (producing 138 Mtpa) target net zero by 2060 or later, which may delay alignment with the IEA Net Zero Emissions by 2050 (NZE) Scenario.
• There is a significant lack of intermediate milestones; 23 of the top 50 producers either have not stated a milestone for 2030 or beyond or have not disclosed any information on goals.
• Transparency regarding emission scopes is low, with only 15 of the top 50 producers specifying the scopes they plan to address. Of these, only four companies have included Scopes 1, 2, and 3 in their plans.
• The Science Based Targets initiative (SBTi) released sector-specific methodology for the iron and steel sector in September 2023 to help companies set Paris-aligned targets. European manufacturers SSAB and Thyssenkrupp had their net zero targets approved by SBTi in June 2024.
• The top 50 steel producers are responsible for more than 60% of the sector's emissions and produced 1.1 billion tonnes of steel in 2023, representing approximately 60% of global production (1.9 billion tonnes).

APA

Torres, C. S. E. (2024). Matter Transparency 2024: Insights into the Steel Industry's Evolving Commitments to Reach Net Zero 2050. Global Energy Monitor. https://globalenergymonitor.org/research/matter-transparency-2024-insights-steel-industrys-evolving-commitments-reach-net-zero-2050

Chicago

Torres, Caitlin Swalec, Eileen. Matter Transparency 2024: Insights into the Steel Industry's Evolving Commitments to Reach Net Zero 2050. Global Energy Monitor, 2024. https://globalenergymonitor.org/research/matter-transparency-2024-insights-steel-industrys-evolving-commitments-reach-net-zero-2050.

Wikipedia

{{cite report |last1=Torres |first1=Caitlin Swalec, Eileen |title=Matter Transparency 2024: Insights into the Steel Industry's Evolving Commitments to Reach Net Zero 2050 |publisher=Global Energy Monitor |date=29 October 2024 |url=https://globalenergymonitor.org/research/matter-transparency-2024-insights-steel-industrys-evolving-commitments-reach-net-zero-2050 |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{torres2024matter, author = {Torres, Caitlin Swalec, Eileen}, title = {{Matter Transparency 2024: Insights into the Steel Industry's Evolving Commitments to Reach Net Zero 2050}}, institution = {Global Energy Monitor}, year = {2024}, month = oct, url = {https://globalenergymonitor.org/research/matter-transparency-2024-insights-steel-industrys-evolving-commitments-reach-net-zero-2050}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }