In its 2024 sustainability report, Luxembourg-headquartered steelmaker ArcelorMittal has stated that the shift towards green hydrogen-based direct reduced iron (DRI) steelmaking and carbon capture, utilization and storage (CCUS) technologies is unlikely to be economically feasible before 2030 due to technical and economic uncertainties.
“Green hydrogen is not yet a viable fuel source, natural gas-based DRI production in Europe is not competitive as an interim solution, and CCS infrastructure is still in the planning stage. The BF-BOF route remains today the dominant primary steelmaking technology due to cost, quality, and efficiency, with DRI-EAF adoption currently limited to regions with cheap electricity and natural gas,” the statement noted.
According to the report, in 2024 ArcelorMittal lowered its Scope 1 and 2 carbon emissions by 46 percent to 102 million mt, compared to 2018. The company sold high carbon footprint assets, bringing the average intensity down to 1.75 mt of carbon per mt of crude steel, compared with the worldsteel global average of 1.92 mt.
The company stated that it will continue its efforts to achieve net-zero by 2050 by investing in lower-emission technologies and infrastructure upgrades.