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Reclaim Finance analyzed 150 financial institutions and found that very few have adopted steel decarbonization targets, and those that have are characterized by significant flaws. Only 16 of 60 assessed banks have steel targets, most of which rely on intensity metrics rather than absolute emissions and exclude underwriting activities and Scope 3 emissions. The report argues that current targets are insufficient to prevent investment in high-carbon infrastructure, such as new blast furnaces and metallurgical coal mines.