The Global Fossil Free Steel Market was valued at USD 242.15 Billion in 2024 and is projected to reach USD 455.89 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period (2024–2030). This expansion is propelled by stringent global decarbonization targets, increasing demand from the automotive and construction sectors for green materials, and substantial investments in hydrogen-based direct reduction iron (H2-DRI) and electrolysis technologies.

As the steel industry, a major contributor to global carbon emissions, pivots aggressively toward carbon neutrality, a new cohort of innovators and established giants is emerging. These companies are not merely adapting but are fundamentally re-engineering one of the world’s most essential materials. In this blog, we profile the Top 10 Companies in the Fossil Free Steel Industry—pioneers who are defining the standards for green steel production and shaping a low-carbon industrial future.

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🔟 1. SSAB

Headquarters: Stockholm, Sweden
Key Offering: SSAB Zero, SSAB Fossil-free™ steel

SSAB is a global frontrunner in fossil-free steel development. Through its groundbreaking HYBRIT (Hydrogen Breakthrough Ironmaking Technology) joint venture with LKAB and Vattenfall, SSAB aims to revolutionize steelmaking by replacing coking coal with hydrogen. The company has already delivered the world’s first fossil-free steel to customers.

Sustainability Initiatives:

• Target to largely eliminate CO2 emissions from its own operations by 2030

• HYBRIT pilot plant in Luleå, Sweden, operational since 2020

• Commercial-scale fossil-free steel production targeted for 2026

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9️⃣ 2. H2 Green Steel

Headquarters: Stockholm, Sweden
Key Offering: Green steel produced via hydrogen-based DRI

H2 Green Steel is building one of the world’s first large-scale green steel plants in Boden, Sweden. The company integrates green hydrogen production directly on-site, powered by fossil-free electricity, to produce steel with up to 95% lower CO2 emissions compared to conventional blast furnace methods.

Sustainability Initiatives:

• Planned production of 5 million tonnes of green steel by 2030

• Integrated giga-scale electrolyzer for hydrogen production

• Secured over €6.5 billion in debt financing and equity

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8️⃣ 3. ArcelorMittal

Headquarters: Luxembourg City, Luxembourg
Key Offering: XCarb® green steel certificates, recycled and renewably produced steel

As the world’s second-largest steel producer, ArcelorMittal is deploying multiple technologies to decarbonize, including Smart Carbon and Innovative DRI pathways. The company’s XCarb® initiative consolidates its green steel offerings and investments, aiming for a 25% reduction in carbon emissions by 2030.

Sustainability Initiatives:

• Investing in DRI plants in Canada and Europe using hydrogen-ready technology

• Piloting carbon capture and utilization (CCU) at its steel plants

• Net-zero target by 2050

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7️⃣ 4. Thyssenkrupp Steel

Headquarters: Essen, Germany
Key Offering: bluemint® Steel, low-CO2 steel from blast furnace route

p>Thyssenkrupp Steel is a leading German steelmaker undergoing a massive transformation with its tkH2Steel® strategy. The plan involves the direct replacement of blast furnaces with hydrogen-based DRI plants and melters, representing one of Europe’s largest industrial decarbonization projects.

Sustainability Initiatives:

• Commencing construction of first DRI plant in 2025

• Aiming for climate-neutral steel production by 2045

• Reducing CO2 emissions by more than 4 million tonnes annually from 2029

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6️⃣ 5. Voestalpine

Headquarters: Linz, Austria
Key Offering: greentec steel, low-emission premium steel products

Voestalpine has been pioneering the transition with its “greentec steel” program, focusing on a phased conversion from coal to electric arc furnaces (EAFs) powered by green electricity. The company’s site in Linz is set to host one of the most advanced EAF facilities in the world.

Sustainability Initiatives:

• Replacing existing blast furnaces with EAFs by 2027

• Targeting a 30% reduction in CO2 emissions by 2030

• Operating a hydrogen pilot plant for DRI testing since 2019

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5️⃣ 6. Boston Metal

Headquarters: Woburn, Massachusetts, USA
Key Offering: Molten Oxide Electrolysis (MOE) technology platform

Boston Metal is a technology innovator developing a revolutionary electrochemical process to produce steel. Their MOE technology uses electricity to directly reduce iron ore into molten iron, offering a scalable, fossil-fuel-free pathway that can be powered by renewable energy.

Sustainability Initiatives:

• MOE process emits only oxygen, with no direct CO2 emissions

• Raised over $250 million to scale its technology

• Targeting commercial-scale deployment by 2026

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4️⃣ 7. Liberty Steel Group

Headquarters: London, United Kingdom
Key Offering: GREENSTEEL from electric arc furnaces

Part of the GFG Alliance, Liberty Steel is focused on its GREENSTEEL strategy, which emphasizes recycling scrap metal in Electric Arc Furnaces (EAFs) powered by renewable energy. This circular model significantly reduces the carbon footprint compared to primary steel production from iron ore.

Sustainability Initiatives:

• Goal to become carbon neutral by 2030 (CN30)

• Investing in EAF capacity and renewable energy generation assets

• Developing hydrogen-based DRI for its primary steelmaking operations

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3️⃣ 8. Salzgitter AG

Headquarters: Salzgitter, Germany
Key Offering: SALCOS® (Salzgitter Low CO2 Steelmaking) branded green steel

Salzgitter AG is executing its ambitious SALCOS® program, a phased conversion of its integrated steelworks to hydrogen-based production. The strategy involves replacing conventional blast furnaces with direct reduction plants fueled by green hydrogen and powerful electric arc furnaces.

Sustainability Initiatives:

• Planned reduction of CO2 emissions by 95% by 2033

• First DRI/EAF plant scheduled for commissioning in 2025

• Secured long-term partnerships for green hydrogen supply

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2️⃣ 9. Nucor Corporation

Headquarters: Charlotte, North Carolina, USA
Key Offering: Econiq™ Net-Zero Carbon steel, recycled steel products

Nucor, North America’s largest steel producer and recycler, has a inherently lower carbon footprint due to its EAF-based production model. The company’s Econiq™ product line is the market’s first net-zero carbon steel at scale, achieved through offsets and renewable energy investments.

Sustainability Initiatives:

• Investing in NuScale small modular nuclear reactors for clean power

• Targeting a 35% reduction in steel mill intensity by 2030

• Pioneering the use of renewable natural gas and green hydrogen in its processes

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1️⃣ 10. POSCO

Headquarters: Pohang, South Korea
Key Offering: POSCO GREENABLE™, HyREX technology-based steel

South Korea’s POSCO is developing its unique HyREX (Hydrogen Reduction) technology, which utilizes hydrogen fluidized bed reduction to produce direct reduced iron without carbon emissions. The company is a major force in Asia’s push towards fossil-free steel.

Sustainability Initiatives:

• Aiming for carbon neutrality by 2050

• Piloting HyREX technology with a target for commercialization by 2030

• Increasing production of high-grade steel for electric vehicles and renewables

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🌍 Outlook: The Future of Steel Is Green and Digitized

The fossil-free steel market is at a pivotal inflection point. While conventional production still dominates global output, unprecedented investment, regulatory support, and customer demand are accelerating the transition. The journey involves not just a fuel switch but a complete technological overhaul of a century-old industry.

📈 Key Trends Shaping the Market:

• Massive public and private funding for hydrogen infrastructure and green steel projects in the EU, US, and Asia.

• Emergence of “green premium” markets where automakers and appliance manufacturers are willing to pay more for certified low-carbon steel.

• Integration of digital twins and AI to optimize hydrogen-based DRI and EAF operations for maximum efficiency.

• Strategic partnerships across the value chain, from renewable energy providers to end-users, to de-risk investments and secure offtake.

Read Full Report:
Global Fossil Free Steel Market – View in Detailed Research Report

The companies profiled above are not just producing steel; they are actively forging the foundation of a sustainable industrial ecosystem. Their progress demonstrates that a fossil-free future for one of the world’s most carbon-intensive industries is not just possible—it is already underway.