SteelWatch’s first Annual Report: Laying groundwork for long-term change
Since June 2023, SteelWatch has established itself as a bold new voice in the climate movement, challenging the global steel industry to play its part in building a liveable future. It gives me great pleasure to present SteelWatch’s first annual report, covering the period from the registration as a Stichting in June 2023 up to December 2024, also defined as the first financial year.
The mission of SteelWatch is to turbocharge the transformation to a decarbonised steel sector that enables the environment, communities, and workers to thrive. This mission is grounded in a vision of a steel industry that underpins a thriving zero-emissions economy, guided by values that reflect the urgency of the task ahead: truth, people, collaboration, time, and change.
These values are not abstract; they shape how SteelWatch works. Truth means saying what is necessary to safeguard a stable planet, even when that truth is uncomfortable. People means being a clear and confident voice for all stakeholders in the steel industry. Collaboration is what drives impact; working together to bring about transformation. Time speaks to both the urgency of the climate crisis and the need for long-term action. And change is the metric by which we measure our success. SteelWatch’s vision, mission, and values are the bedrock for the organisation’s work toward a transformed steel sector.
The past year has made clear just how deeply the industry needs to change, and how urgently it must do so. The steel sector is responsible for over 11% of annual carbon dioxide emissions. Yet too many companies remain committed to coal-based production well into the future, putting the 1.5C target dangerously out of reach. SteelWatch brings a vigilant voice into this space, challenging the industry to deliver its fair contribution to a zero-carbon world and collaborating with civil society to hold steel companies to account.
As SteelWatch evolves, so does the Supervisory Board. I was delighted to take up the role of Supervisory Board Chair in June 2023, alongside Xiaojun Wang and Zeina El Haj. We extend our thanks to Zeina, whose term ended in July 2024, when we also welcomed Deirdre Lynn to the Board. Additionally, we are fortunate to have recruited Michèlle Prins and Ayumi Fukakusa to the expanding Board, with their terms starting officially in early 2025. The Supervisory Board is committed to diversity and to best practice in responsible and ethical governance.
Transforming the rigid and entrenched carbon-intensive steel industry will not happen overnight. SteelWatch is uniquely positioned to continue driving this transformation. SteelWatch will continue to challenge the industry, demand accountability, and support civil society in its fight for a decarbonised steel sector. I am confident in the management team’s capacity and ambition to deliver strong campaigns with tangible changes in the coming years.
Download the 2024 Annual Report
Written by Melissa Fourie, Chair of the Supervisory Board
