Deep decarbonisation of the global steel industry is not possible without the eventual transition away from fossil fuels to renewables and, especially, hydrogen (H2). However, there is a tendency to think that H2-based technologies are far out into the future and will take a long time to materialise. This may not always be the case. For example, ArcelorMittal has raked in nearly EURO 2 billion in subsidies from the French, German, and Spanish governments to make the transition away from coal-guzzling BF-BOF technology to NG (and eventually H2)-based DRI technologies paired with EAF to advance decarbonisation goals. H2 Green Steel has already pre-sold 1.5 million tonnes (mnt) of very low-CO2 steel in 7-year offtake agreements with buyers willing to shell out a premium even before the commencement of commercial operations.
