Understanding the demand for Green Steel, page-261

The race across Europe to build green steel plants - BBC News



But other ventures should help increase the proportion of green steel available in Europe.These include, GravitHy, which plans to open a hydrogen-based plant in France, in 2027. German steel giant Thyssenkrupp recently announced it aims to introduce carbon-neutral production at all its plants by 2045. Europe's largest steelmaker ArcelorMittal and the Spanish government are also investing in green steel projects in northern Spain.Meanwhile, the EU is in the process of finalising a new strategy called the Carbon Border Adjustment Mechanism, designed to make it more expensive for European companies to import cheaper, non-green steel from other parts of the world.

She also points to a "a crucial window of action" between now and 2030, with around 70% of steelworks around the world in need of repair and reinvestment during this period. Blast furnaces could be replaced or relined to extend their lifetimes, but a smarter long-term strategy, argues Ms Lund Waagsaether, would be to invest in switching to carbon-cutting production processes instead."The next eight years are crucial for making sure that companies and investors globally make decisions towards green steel production... which is going to 'lock us in' for another few decades." But whether the majority of big steel producers will follow this path is difficult to predict, says Lundberg. "I would say I'm hopeful, but we need to keep the pressure up."