Europe green steel market size was valued at USD 0.73 billion in 2023 and is projected to grow from USD 1.29 billion in 2024 to USD 64.82 billion by 2032 at a CAGR of 63.2% during the forecast period.

The steel industry, long associated with high carbon emissions, is undergoing a radical transformation in Europe. The green steel market is emerging as a cornerstone of the continent's decarbonization strategy, driven by stringent climate policies, technological innovation, and growing demand for sustainable materials. This article examines the current state, key drivers, challenges, and future prospects of Europe’s green steel industry.

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LIST OF TOP GREEN STEEL COMPANIES IN EUROPE/ LIST OF TOP GREEN STEEL COMPANIES:

• ArcelorMittal (Luxembourg)
• Blastr Green Steel (Norway)
• H2 Green Steel (U.S.)
• LIBERTY Steel Group (U.K.)
• Outokumpu (Finland)
• Salzgitter AG (Germany)
• SSAB (Sweden)
• Swiss Steel Group (Switzerland)
• Thyssenkrupp Steel (Germany)
• Voestalpine AG (Austria)

What is Green Steel?

Green steel refers to steel produced with minimal carbon emissions, typically using hydrogen-based direct reduction (H2-DRI), electric arc furnaces (EAFs) powered by renewables, or carbon capture and storage (CCS) instead of traditional coal-based blast furnaces.

Key Production Methods:

1. Hydrogen-Based Steelmaking (H2-DRI)
   • Uses green hydrogen (produced via renewable energy) instead of coking coal.
   • Companies like HYBRIT (SSAB, LKAB, Vattenfall) in Sweden are leading this shift.
2. Electric Arc Furnaces (EAFs)
   • Recycles scrap steel using renewable electricity (up to 75% lower emissions than blast furnaces).
3. Carbon Capture and Storage (CCS)
   • Captures CO₂ emissions from traditional steel plants for underground storage or reuse.