European steelmakers are committed to the decarbonization of the industry and are shifting to more environmentally friendly ways of working, despite the recent economic downturn making it more challenging to charge a premium for “green” steel, sources told Fastmarkets.

China is working ways to boost the national carbon trading market liquidity by including more industrial firms from the steel, cement and electrolytic aluminum sectors to participate, as well as restarting the voluntary greenhouse gas (GHG) emissions reduction trading, sources told Fastmarkets.

The Chilean Ministry of Economy released a strengthening plan to reverse — in the short and medium term — the reduction in jobs and the decline in industrial infrastructure and steel production due to the closure of the country's largest steel mill, Compañía Siderúrgica Huachipato, which officially ceased operations on Monday September 16.

The willingness among steel consumers to pay premiums for ‘green’ products was not enough to offset the extra cost of the technology transition in the short term, according to Dr Karel Eloot, senior partner in the global materials insights department of management consultant McKinsey & Co.

The global steel industry is currently grappling between decarbonizing at higher costs while still attempting to maintain cost competitiveness with traditional blast furnace-based production methods, sources told Fastmarkets.

The UK is to provide funding of £13.5 million ($17.3 million), to support supply chain businesses and workers affected by Tata Steel’s decarbonization plans for its Port Talbot steelworks in south Wales, the British government said on Thursday August 15

The transition from blast furnace (BF) steel production to electric-arc furnaces (EAF) provides a clear path to achieving zero-emissions steel, with producers considering hitting sustainability targets and lower costs, Wade Wright, a steel consultant told participants at a green steel webinar held by Jefferies Equity Research on Monday August 12

The Brazilian steel industry called for trade defense measures and integrated action in Latin America to try to contain the advancement of Chinese-origin material before moving on to more complex projects such as decarbonization, key industry market participants said at the 2024 Brazilian Steel Conference

Global commodities giant Glencore has announced its decision to retain its coal and carbon steel materials business, abandoning earlier plans for a demerger

A low-carbon world will still need steel that can satisfy the diverse demands of a variety of downstream sectors, Frederik Leus, of ArcelorMittal’s Xcarb Business Development section, said in an address to Fastmarkets’ International Iron Ore and Green Steel Summit, being held in Vienna, Austria, on June 25