Achieving a circular steel sector requires improved material and process efficiency; increased steel recycling; and the adoption of renewable energy sources for steel production. This report provides a comprehensive analysis of the challenges and opportunities associated with improving circularity in the sector.

Industrial emission accounts for about one-third of all global anthropogenic CO2 emissions and are expected to grow rapidly, with major contribution from developing economies. In India, the industrial sector is the largest and fastest-growing energy end-use sector and is expected to be the single largest source of CO2 emissions by 2040.

The importance of steel in supporting India’s growth will increase with economic development, infrastructure build-out, and urbanization in India. The emissions from the sectors are estimated to grow by 200 percent by 2050. This requires decarbonizing the steel industry to ensure India meets its economic ambitions and climate mitigation goals.

This report outlines a decarbonisation pathway that shows it is possible for five of Australia's most significant heavy industry supply chains to transition to net zero, consistent with global efforts to limit warming to 1.5ºC.

With India being the world’s second-largest producer and consumer of steel, any meaningful global shift towards low carbon steelmaking must be based on an understanding of India’s unique context and circumstances.

This report presents a comprehensive assessment of progress status of the global iron and steel industry toward long-term decarbonisation.