World's biggest steelmakers lag behind in low-carbon transition

Sydney-based climate group Action Speaks Louder (ASL) says some giant corporations continue to source 99% of their energy from fossil fuels.
Laura Kelly, ASL's director of strategy and author of the report, said steel is recognized as a “hard to reduce” sector, but the real barrier is cost. “This 'hard to reduce' message still implies that it is not technologically feasible,” Kelly said.

According to the report, Sweden's SSAB was the best performer, sourcing 19% of its energy from renewable sources. But giants such as Hyundai Steel, Dongkuk Steel and Posco in South Korea lagged behind, with close to zero renewable energy use.

The steel industry is responsible for 7% of global carbon dioxide emissions. Coal-fired blast furnaces emit about 2 tons of CO2 for every ton of steel produced. This is equivalent to the total emission levels of India.

Experts emphasize the need to accelerate the transition to renewable energy in the steel industry.