Towards green steel: will the US steel industry rise to the challenge?

The US steel industry has experienced a strong comeback from the pandemic with record highs in steel prices and demand. This steel boom comes in the wake of global initiatives towards greener steel, in which a combination of hydrogen and scrap-based electric arc furnace production will see tremendous growth. The US steel industry will not need the same magnitude of transition to achieve net zero emissions as it is already dominated by scrap-based EAF steelmaking. Does this mean the US will be the global leader in green steel? The US steel industry’s head start will not guarantee its advantage in the race to green steel against other countries. we believe the US steel industry will face more challenges in terms of costs from foreign competitors in the global race towards greener steel. US steelmakers need to become more innovative, focusing on reducing operating costs and producing value-added products.