A new report by SteelWatch has revealed that none of the world’s leading steelmakers are adequately prepared to transition to near-zero-emissions production, despite widespread climate pledges.
The SteelWatch Corporate Scorecard, which evaluated 18 major steel producers across 11 countries, found that no company scored above 50 out of 100, underscoring a significant “transition readiness gap” across the global steel sector.
According to Caroline Ashley, executive director of SteelWatch, the findings highlight a growing disconnect between long-term climate commitments and actual implementation.
The report emphasizes that coal-based blast furnace production remains dominant, accounting for up to 90% of total industry emissions. Meanwhile, progress in green iron development and renewable energy integration remains critically low, with an average score of less than 1 out of 25.
Among the companies assessed, SSAB and Thyssenkrupp ranked highest, scoring 46.2 and 41.9 respectively, largely due to early plans to phase out blast furnaces and invest in green technologies.
At the lower end, Hyundai Steel, Nippon Steel, and HBIS Group continue to rely heavily on coal-intensive production methods, with limited progress in decarbonization.
SteelWatch also warned that current investment strategies remain misaligned with net-zero targets, despite some early signs of change, such as reduced new blast furnace construction.
With the steel sector responsible for approximately 10% of global carbon emissions, the report stresses that urgent and accelerated investment in low-carbon technologies is essential to meet global climate goals.
VietnamSteel by Hoa Sen Group
