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In China [which produces more than half of the world's steel, representing a global oversupply], around 94% of its massive blast furnace capacity has no plans for retirement, and the country is the second-largest net developer of blast furnace capacity after India.
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India is developing over 60% of new coal-based blast furnace capacity globally, and 93% of its ironmaking capacity under development will use coal-based technology. Just 5% has actually broken ground however, leaving a significant intervention opportunity.
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With roughly 88% of all steel sector emissions generated from coal-based production and the industry responsible for 11% of global CO2 emissions, investments in greener technologies are imperative for the world’s industrial transition toward net zero emissions.
Yet the share of green steelmaking capacity increased only marginally in the past year and progress towards green ironmaking also remains minimal.
The lower-emissions EAF steelmaking technology increased its share of global operating capacity by just 1% from 33% to 34%. In ironmaking, only 10% uses direct reduced iron (DRI) over emissions-intensive coal-based BF technology, and just 2% (4 mtpa) of operating DRI capacity uses net zero compatible green hydrogen as a primary reductant instead of fossil fuels.
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Astrid Grigsby-Schulte, Project Manager of the Global Iron and Steel Tracker at Global Energy Monitor, said, “The outlook remains bleak for steel’s transition away from fossil fuels. The ball is in India and China’s court, as the two countries plan 86% of new coal-based capacity."
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