Less than half of top 50 steelmakers have a net zero target, says report

The analysis of the top 50 steel producers-which rely more heavily on higher emissions steelmaking technologies than the global industry average and are responsible for more than 60% of the sector’s emissions-follows the latest production ranking provided by the World Steel Association.

The International Energy Agency has said that CO₂ emissions from heavy industries need to drop 93% in order to reach net zero emissions by 2050.

According to the report, as of September 2024, half of the top 50 steel producers still lack a net zero target: 16 companies have not stated a net zero target in their public reporting, and nine companies have provided no information on climate targets at all. Five companies have targets to reach net zero after 2050.

17 companies have set a 2030 emissions reduction goal, three fewer top 50 producers than in the 2023 update. Two of these companies removed their 2030 goals, while one reduction is due to the shift in rankings of the top 50 steel producers.

Caitlin Swalec, programme director for heavy industry, Global Energy Monitor, said, “The increase in target reporting among the top 50 steel producers is a positive sign of progress, yet it falls short of what is needed to reach net zero by midcentury. The top 50 steel firms can set an example of leadership as not only steel producers, but emissions reducers through target setting and collective action to reach net zero 2050.”

Eileen Torres Morales, analyst, leadership group for industry transition, said, “Greater transparency from steel producers is essential to demonstrate commitment to decarbonization. While some companies have made initial progress, clearer plans are needed from the majority to reach net zero by 2050, including plans for specific emission scopes reductions. Establishing intermediate targets, tracking progress, and sharing updates publicly can motivate the sector to accelerate its transition towards net zero."