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No Time For Caution – report
Nippon Steel is expanding globally, aspiring to become one of the world’s largest steelmakers, however, according to SteelWatch’s climate assessment report for the company, No Time For Caution, the company’s decarbonisation plans remain inadequate, and it’s looking increasingly like a coal company that also makes steel – creating big climate and business risks.
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ArcelorMittal backtracks on climate while enriching shareholders – report
ArcelorMittal, one of the world’s top three steelmakers, has retreated from its own climate commitments whilst paying out billions of dollars to shareholders, according to SteelWatch’s climate assessment report for the company, Backtracking on Climate Action. The report coincides with ArcelorMittal’s annual general meeting in Luxembourg today, which Steelwatch is attending.
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SteelWatch Explainer series
Why is steelmaking such a big climate problem? Does it really drive 11% of global CO2 emissions – how?
Why is decarbonisation talk so confusing? What’s the difference between iron and steel? Or between BF-BOFs, EAFs, and H2-DRIs? Why is green hydrogen essential to decarbonise steel but using hydrogen in blast furnaces is a bad idea?
Industry gives many reasons for the slow pace of decarbonisation. What is valid and what is out of date? SteelWatch Explainers aim to demystify confusing issues, and set the facts straight on common industry claims.
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Latest Commentary
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Nippon Steel was offering a bad deal for the climate. Now that deal has sunk, it’s time for the world’s fourth largest steel maker to…
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A key missing driver for green steel in Japan are signals from steel buyers that they are willing to pay more for low-emissions steel. As a major steel buyer, the Japanese government could help drive market formation and encourage investment in low-emissions steelmaking technologies through green purchasing.
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As 2024 draws to an end, optimism on steel sector decarbonisation can feel in short supply. While impacts of the climate crisis accelerate, emissions are stubbornly high, sector debates are more focused on trade protection than on climate protection, and governments and companies are wobbling on their ambition. But stepping back, it is not all gloom. 2024 may be the year when tipping points were reached, and cracks in the status quo became undeniable.
Latest Reports
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Nippon Steel Corporation is now at a major turning point. Despite being based in resource-poor Japan, the company has grown to become the world's fourth largest steelmaker, and is now expanding its business to North America, India, Europe, and Australia. However, the "blast furnace-centered" and "domestic-centered" policies that underlie the company's corporate strategy remain strong.
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Up until 2024, ArcelorMittal consistently positioned itself as a leader in decarbonising the global steel industry. With the ArcelorMittal Corporate Climate Assessment 2024, published in May 2024, SteelWatch challenged that narrative, exposing the stark gap between its rhetoric and its actions — and called on ArcelorMittal to step up and lead real transformation.
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With its “Super COURSE50” technology brand, Nippon Steel claims to use hydrogen injection and carbon capture to reduce climate-harming emissions from its steel plants.
