New scorecard shows world’s major steelmakers failing on decarbonisation transition

31 March, 2026 – A new assessment of 18 major steelmakers around the world shows that none are currently ready to transition to near-zero-emissions production. Despite many committing to long-term climate goals, coal dependence remains the norm and the scaling green iron has barely started. 

Released today, the first SteelWatch Corporate Scorecard (1) pulls together previously disparate and opaque company data to comprehensively evaluate iron and steel producers across 11 countries, with operations in 29. 

“Embarrassingly, not a single steelmaker has scored above 50 points out of 100, and even those at the head of the pack have big gaps to bridge before they can claim to be acting responsibly on the climate crisis,” said Caroline Ashley, SteelWatch Executive Director.

Accounting for around a tenth of global CO2 emissions, the steel industry is critical to addressing the climate crisis. The companies assessed are based across Asia, Europe and the Americas, including Baosteel, Nippon Steel, POSCO, Tata Steel, ArcelorMittal, thyssenkrupp and Cleveland Cliffs. All operate coal-based blast furnaces, an outdated technology that is responsible for up to 90% of the sector’s overall emissions. 

“This first scorecard shows with unprecedented clarity that leading steelmakers are failing to lay the foundations for near-zero-emissions production fast enough. Consistently low scores illustrate the yawning gap between company actions, and what our climate requires. Investments this decade to cut coal dependence and scale green are critical to avoid compounding problems later. We will be watching and tracking to see which companies improve their scores most rapidly,” said Ashley.

Using the latest company data, this first Steelwatch Corporate Scorecard shows that:

• No steelmaker currently looks good on near-zero-emissions transition. While most companies have long-term net zero goals, they are not ready to deliver on their own climate plans, certainly not at the pace and scale necessary to halt catastrophic climate change. The “transition readiness gap” captures the difference between what is needed for a credible near-zero-emissions transition and what companies are actually doing. 
• With most assessed companies still investing in coal-based blast furnaces, coal dependence and the lack of scaling green iron are the common elements holding back progress (2). The average score for scaling green iron and renewable energy is less than 1 point out of 25. 
• While still far from the transformation required, SSAB (Sweden) is emerging ahead of the pack, with thyssenkrupp (Germany) in second, with scores of 46.2 and 41.9 out of 100 respectively. These two companies are breaking away from the rest as they have plans in place for green iron and blast furnace retirement, without the reinvestment or recent relining of coal-based assets that is common among their peers. Both still need to implement and scale green iron.
• Hyundai Steel, Nippon Steel and HBIS are among the worst performers, with total scores of 21.2, 16.8 and 8.3 out of 100 respectively. Their heavy reliance on coal-based blast furnace production, limited progress or reporting on renewable energy, and lack of confirmed action, in this reporting period, on green iron development are missed opportunities to close transition readiness gaps.
• Despite this concerning picture, there are small signs of progress. Most companies do not currently have blast furnaces under construction. SSAB has a notable share of renewable energy uptake, and some companies have a measurable share of direct reduction of iron (DRI) capacity which could and should be shifted to near-zero-emissions iron production. Progress cannot stop at announcements. Concrete actions must follow, and progress will be closely monitored (3).

The SteelWatch Corporate Scorecard assesses SSAB, thyssenkrupp, ArcelorMittal, Ternium, JSW, Cleaveland-Cliffs, NLMK, U. S. Steel, Gerdau, Tata Steel, Baosteel, JFE, MMK, Oyak, POSCO, Hyundai Steel, Nippon Steel, and HBIS. It is based on published data, mainly company data in annual reports published in FY 2025 which carries company data from FY 2024. 

Find the Scorecard at: www.steelwatch.org/scorecard

END

Contact

Greg McNevin
Communications, SteelWatch (Australia, AEST)
[email protected]
+61 475 247 044

Rina Tsubaki
Media, SteelWatch (Belgium, CET)
[email protected]
+31 648 23 0120

Notes

1. Find the full report and interactive web tool here: www.steelwatch.org/scorecard. Photos for editorial use, report PDFs and other materials available here.
2. The overall average score for Phasing Out Coal is 10.5 out of 25 – all but four companies have recently made or announced further investment in coal-based blast furnaces.  Average score for Scaling Green barely registers, at  0.6 out of 25. Total scores out of 100 include Climate Performance, Transparency, and Social and Environmental Responsibility.
3. It should be noted that some companies have announced new projects which are not yet committed or scored, but should increase scores in future editions of the Scorecard. 
4. Explore additional in-depth steel company data in the Steelmaker Transformation Tracker: https://steelwatch.org/tracker/

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