The Global Fossil Free Steel Market was valued at USD 48.2 Billion in 2025 and is projected to reach USD 205.7 Billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 17.6% during the forecast period (2024–2030). This explosive growth is being driven by stringent global decarbonization mandates, rising demand from the automotive and construction sectors for low-carbon materials, and significant advancements in hydrogen-based steelmaking technologies.

As heavy industry confronts its carbon footprint, the steel sector is undergoing its most profound transformation in over a century. The shift from traditional blast furnaces to fossil-free production methods is creating a new competitive landscape. In this blog, we profile the Top 10 Companies in the Fossil Free Steel Industry—a dynamic group of established giants and pioneering startups leading the charge toward a net-zero future for one of the world’s most essential materials.

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🔟 1. SSAB

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

SSAB is a global frontrunner in the fossil-free steel revolution. Through its groundbreaking HYBRIT (Hydrogen Breakthrough Ironmaking Technology) joint venture with LKAB and Vattenfall, SSAB has successfully produced the world’s first fossil-free steel delivered to customers. The company aims to transform its entire operations to eliminate most of its CO2 emissions by 2030.

Sustainability Initiatives:

• World’s first customer delivery of fossil-free steel in 2021

• HYBRIT pilot plant operational, with plans for a full-scale facility by 2026

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

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9️⃣ 2. H2 Green Steel

Headquarters: Stockholm, Sweden
Key Offering: Green steel produced with hydrogen

H2 Green Steel is a Swedish startup established to accelerate the decarbonization of the steel industry. The company is building a large-scale, integrated green steel plant in Boden, Northern Sweden, which will use green hydrogen produced from fossil-free electricity to produce steel with up to 95% lower CO2 emissions compared to traditional steel.

Sustainability Initiatives:

• Building a giga-scale green steel plant with 5 million tonnes annual capacity by 2030

• Integrated hydrogen production facility powered by renewable energy

• Secured multi-billion euro in equity and debt financing from major investors

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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 making massive investments to decarbonize its extensive global operations. The company is pursuing multiple technological pathways, including hydrogen-based Direct Reduced Iron (DRI), carbon capture and utilization, and smart carbon projects that use circular carbon sources.

Sustainability Initiatives:

• Target of reducing CO2 emissions intensity by 25% by 2030 in Europe

• Major DRI and electric arc furnace (EAF) projects in Belgium, France, and Canada

• XCarb® innovation fund to invest in breakthrough decarbonization technologies

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7️⃣ 4. Thyssenkrupp Steel

Headquarters: Essen, Germany
Key Offering: Bluemint® Steel, carbon-reduced steel products

Thyssenkrupp Steel is a leading German steelmaker with an ambitious strategy to transition its Duisburg site—the largest integrated steelworks in Europe—to climate-neutral production. The company’s “tkH2Steel” transformation project aims to replace coal-based blast furnaces with hydrogen-powered direct reduction plants.

Sustainability Initiatives:

• Plans to invest over €2 billion in the first hydrogen-based direct reduction plant

• Target of producing climate-neutral steel by 2045 at the latest

• Bluemint® Steel product line with certified reduced carbon footprint

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6️⃣ 5. Voestalpine

Headquarters: Linz, Austria
Key Offering: greentec steel, premium steel grades with reduced CO2 footprint

Voestalpine is an Austrian technology and capital goods group with a strong focus on high-quality steel. The company is pivoting its steelmaking process towards a hybrid-electric pathway, combining the use of green electricity and hydrogen to significantly lower its carbon emissions in the medium term.

Sustainability Initiatives:

• Commissioning of the world’s largest hydrogen electrolysis plant at the Linz site

• greentec steel strategy aims to reduce CO2 emissions by about 30% by 2030

• Pioneering the use of hydrogen in existing blast furnace processes

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5️⃣ 6. Boston Metal

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

Boston Metal is a technology company developing a revolutionary platform called Molten Oxide Electrolysis (MOE) to decarbonize primary steel production. This electricity-driven process can transform any iron ore into high-purity, liquid steel with zero direct CO2 emissions, offering a potentially scalable and cost-effective alternative to traditional methods.

Sustainability Initiatives:

• MOE technology produces steel with zero carbon emissions from the process itself

• Attracted significant venture capital funding from Breakthrough Energy Ventures and others

• Scaling up from pilot to commercial-scale plants

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4️⃣ 7. HYBRIT Development AB

Headquarters: Luleå, Sweden
Key Offering: Fossil-free iron and steel production technology

HYBRIT Development AB is a joint venture owned by SSAB, LKAB, and Vattenfall, created to develop a complete value chain for fossil-free iron and steel production. While not a steel seller itself, HYBRIT’s technological breakthroughs are foundational to the fossil-free steel offerings of its parent companies and licensees.

Sustainability Initiatives:

• Development of hydrogen-based direct reduction process replacing coking coal

• Pilot scale production of fossil-free sponge iron since 2021

• Focus on creating a fully fossil-free value chain from mine to finished steel

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3️⃣ 8. Nucor Corporation

Headquarters: Charlotte, North Carolina, USA
Key Offering: Econiq™ NET ZERO carbon steel, recycled steel products

Nucor is North America’s largest steel producer and a leader in electric arc furnace (EAF) steelmaking, which has a significantly lower carbon footprint than traditional integrated mills. The company’s Econiq™ product line is the world’s first net-zero carbon steel at the mill production stage, verified by third-party audits.

Sustainability Initiatives:

• EAF technology inherently produces steel with approximately 70% less CO2 than blast furnaces

• Econiq™ fossil-free steel solution available to customers

• Investments in circular economy and advanced recycling technologies

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2️⃣ 9. Salzgitter AG

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

Salzgitter AG is implementing its ambitious SALCOS® program to convert its steel production to low-CO2 processes. The strategy involves a gradual transition from coal-based blast furnaces to direct reduction plants powered by green hydrogen, coupled with electric arc furnaces, aiming to reduce CO2 emissions by over 95% by 2033.

Sustainability Initiatives:

• SALCOS® program targets a 95% reduction in CO2 emissions by 2033

• Phased transformation plan to minimize operational disruption

• Early adopter of hydrogen-ready steelmaking infrastructure

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1️⃣ 10. Liberty Steel Group

Headquarters: London, United Kingdom
Key Offering: GREENSTEEL, electric arc furnace based steel

Liberty Steel Group, part of the GFG Alliance, promotes its GREENSTEEL strategy, which focuses on producing steel through electric arc furnaces powered by renewable energy. The company aims to become carbon neutral by 2030 (CN30), leveraging its largely EAF-based production footprint to achieve this ambitious goal.

Sustainability Initiatives:

• CN30 target to become carbon neutral by 2030

• Focus on circular steelmaking using scrap metal in electric arc furnaces

• Investment in renewable energy sources to power steelmaking operations

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🌍 Outlook: The Future of Steel is Fossil-Free and Digitally Optimized

The fossil-free steel market is at a pivotal inflection point. While green steel currently represents a small fraction of global production, multi-billion dollar investments and supportive policy frameworks are set to accelerate its adoption exponentially. The transition is not merely about replacing coal with hydrogen; it involves a fundamental re-engineering of the entire steel production value chain.

📈 Key Trends Shaping the Market:

• Accelerated scaling of hydrogen-based DRI-EAF technology in Europe and North America

• Growing premium for green steel from automotive and construction sectors driven by Scope 3 emission targets

• Increasing government support through carbon border adjustments (CBAM) and green procurement policies

• Rise of hybrid transition technologies that reduce emissions from existing blast furnaces

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Global Fossil Free Steel Market – View in Detailed Research Report

The companies leading this transformation are not just producing steel—they are actively forging the foundation for a sustainable industrial economy, proving that heavy industry can operate in harmony with climate goals.