The global steel industry, which accounts for 7 to 9 percent of total greenhouse gas emissions, is undergoing a major shift toward low-carbon production. Countries with access to clean energy and natural gas, including Oman and Saudi Arabia, are leading the way in producing “green steel.”
While China and India remain reliant on traditional coal-fired furnaces, modern technologies such as Electric Arc Furnaces (EAF) and Direct Reduced Iron (DRI) are rapidly becoming the standard for future steel production. It is projected that by 2050, around half of the world’s steel will be produced using these low-carbon methods.
These global developments present a significant opportunity for Oman. With its abundant natural gas resources and strategic location in the Gulf region, Oman has the potential to become a key player in low-carbon steel production. Experts believe that countries like Oman could capture a substantial share of the global green steel market in the coming decades by focusing on clean technologies and sustainable production.
In the future outlook of the steel industry, competition will not be based on production volume but on environmental sustainability and the “greenness” of products, and Oman can solidify its position in this emerging market through investments in clean energy infrastructure and advanced technologies.
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