Will green steel be cost competitive by 2035?

Momentum towards green steel is gathering rapid speed. Governments and investors are searching for new steel technologies that lower emissions and keep the industry investible long term. Globally, green steel costs need to fall by more than 50% by 2035 to be competitive with conventional steel. By 2035, we expect that green steel will reach cost parity with conventional steel in the US, EU and China. We project a 600% increase in investment in the green steel industry over the next decade, equivalent to ~USD$100 billion in capital in this time period. Our insight contains key details on green steel costs across multiple steel technologies in the largest markets around the world.