Three big green steel signals from Climate Week 2024 in NYC

Here are three big signs to come for the decarbonization of steel:

1. Low-carbon steel in construction

Expect low-carbon steel to be front and center in the construction arena, as developers look for cleaner options. The Climate Group and Ramboll said during the event that 50% of buyers in a recent poll would be willing to pay more for low-carbon steel.

2. US governmental support for green steel

The US government plans to get involved in green steel in a big way. The US Department of Energy announced during the event that it has launched a pilot project to measure the GHG intensity of a variety of industrial products, including steel.

“We’re now making progress in building the data infrastructure we need to accelerate this clean manufacturing strategy, enabling us to track and propel reductions in industrial emissions and support the competitiveness of clean manufacturing, as the emissions intensity of traded goods becomes increasingly important,” Ali Zaidi, White House national climate advisor, said.

3. Green steel certification

Steel mills will be seeking third-party certifications to prove their green steel credentials. US Steel’s mini mill subsidiary Big River Steel in Osceola, Arkansas, nabbed a “level 1” certification from ResponsibleSteel.

In announcing the certification, David Burritt, US Steel’s chief executive officer, told Climate Week delegates it was the company’s “first step, and it is a big step, and it puts sustainability [in the center of] our strategy.”

Fastmarkets’ green steel prices

Fastmarkets publishes green steel hot-rolled coil differentials around the globe. Keep track of this evolving price trend in the US, Europe, and Asia.

Fastmarkets continues to launch new green steel prices to give regional and global visibility into supply, demand and price for green steel. Our team of price reporters monitors evolving liquidity and standards in the green steel space and may adjust the carbon threshold or introduce new prices as demand dictates.

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