Only 13 top steelmakers have set date for achieving net zero

A quick glance at iron and steel producers’ climate change reports reveals that only the largest have publicly set out a green pathway. Of the top 25 steelmakers, only 13 have set a date for achieving net zero and only a handful have committed any capital to the cause.

The top five iron ore miners have also set net zero targets, with three committing to intermittent capital outlay until 2030. These three miners aim to spend US$16-17 billion through 2030 to shave 30-35% off their operational emissions, translating into a little over 10% of their annual capital budgets.

However, mid-sized and smaller players have yet to make any noise on the green front, never mind any capital allocation. An increased focus on carbon emissions by these companies will be ensuring their longer-term survival, particularly until a green premium on steel rewards investment in decarbonising their production.