Growth in cleaner steel project pipeline puts industry’s net-zero goal in sight

The global iron and steel industry made major strides towards achieving its net-zero goals in the past year, with more lower-emission steelmaking electric arc furnaces (EAFs) coming online and entering the development pipeline than ever before, Global Energy Monitor’s (GEM’s) ‘Pedal to the Metal 2024’ report shows. The report shows two trends supporting this shift. First, nearly all newly-announced steelmaking capacity follows the EAF production route – 93%, which indicates a strong boost in EAF steelmaking in the years to come.