CRU’s third annual Steel Decarbonisation Summit in Stockholm began on Tuesday (Sep 17), bringing together industry leaders to discuss the goal of lower carbon production, new regulations like the CBAM, and new steelmaking technologies are emerging that rely on different energy sources and raw materials.

 Chris Asgill, Head of Steel at CRU, opened CRU’s Steel Decarbonisation Summit and highlighted some of the key challenges the industry faces when it comes to reducing emissions: “CRU forecasts a significant reduction in emissions from this industry, through massive effort across the industry, but there is still a gap to net zero. 

“The industry faces a trifecta of challenges: counterintuitively that global demand continues to grow, energy needs increase significantly as technology changes and key raw materials supply is constrained.

“Steel is the largest metals market and plays a central role in modern economic growth. And it continues to grow – the decline in Chinese demand is being plugged by growth in other emerging markets. 

“These emerging markets have differing pathways to decarbonisation, so to ensure emissions reduction goals are achieved, the issue must be viewed through a global mindset where stakeholders are aware of the impact their decisions have on global emissions, while still serving their own local economic and corporate interests.

“We see the key enablers for the change as effective policy, standards that enable a common language, financing that supports effective allocation of capital and strategy that not only meets corporate needs but mains a global mindset. 

“Change is happening, the industry has met numerous challenges over the past one and half centuries through innovation. With the right enablers and approach, the pace of decarbonisation of the steel industry has the potential to accelerate.”