A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050

The briefing finds that the global steel industry is not on track for net zero by 2050, as only a third of the top 50 producers have set 2050 targets. It highlights a critical gap in transparency regarding emission scopes and a concerning trend where planned capacity for coal-based blast furnaces significantly outweighs that of low-emissions projects.

• Only one-third of the top 50 steel producers have established targets to reach net zero emissions by 2050, despite these companies being responsible for over 60% of the sector's emissions.
• Planned capacity for new coal-based blast furnaces is 2.5 times greater than planned capacity for green iron and steel. Specifically, announced blast furnace capacity totals 208.2 Mtpa, while low-emissions projects for primary steel production total 83.6 Mtpa.
• There is a significant lack of transparency regarding the scope of emissions being addressed; only 14 of the top 50 producers have defined their emission scopes, and only two have included Scope 3 emissions in their net zero goals.
• The top 50 steel producers rely heavily on emissions-intensive technology, with nearly 80% of their capacity using coal-based blast furnace-basic oxygen furnace (BF-BOF) steelmaking, which is higher than the global average of 67%.
• Short-term ambition is also lacking, as only half of the top 50 steel producers have set an emissions reduction goal for 2030 or shortly thereafter.
• The continued investment in blast furnaces risks 'technology carbon lock-in' because these facilities can operate for up to 40 years, potentially extending emissions-intensive production until 2065.

APA

Global Energy Monitor (2023). A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-LeadIT_Top50-steel-producers-commitment-to-netzero_47.pdf

Chicago

Global Energy Monitor. A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050. 2023. https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-LeadIT_Top50-steel-producers-commitment-to-netzero_47.pdf.

Wikipedia

{{cite report |author=Global Energy Monitor |title=A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050 |date=October 2023 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-LeadIT_Top50-steel-producers-commitment-to-netzero_47.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalenergymonitor2023matter, author = {{Global Energy Monitor}}, title = {{A Matter of Ambition: Examining the Steel Industry's Commitment to Net Zero by 2050}}, institution = {Global Energy Monitor}, year = {2023}, month = oct, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/GEM-LeadIT_Top50-steel-producers-commitment-to-netzero_47.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }