Steel energy transition outlook 2025 Report

Insight 09 June 2025

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Report summary

Of the 280+ projects in our green steel tracker, 10-12 projects have been paused or stalled last year while only 25-30 have advanced to the construction phase. “More needs to be done on hydrogen and carbon policies,” is a growing consensus across major green steel markets and industry forums. Key questions emerge: • How will the steel industry trim its carbon footprint? What has changed since last year? • How will the decarbonization strategies vary across regions, considering differences in furnace age and sensitivity to green cost? • Direct reduced iron (DRI) is becoming increasingly prominent as the limited availability of high-grade ore becomes less of a constraint. What is the hype on Electric Smelting Furnace? • H-DRI projects now rule our decarbonisation tracker, and some offtake agreements are in place. What will it cost to make hydrogen-based steel and who will foot the bill?