Government funding is vital for advancing Europe’s low-carbon steel projects and expanding renewable energy.

Decarbonization technologies like green hydrogen and direct reduced iron require significant investment, with 60 projects underway. By 2030, the steel industry will need an additional 165 terawatt hours of renewable energy and EUR 30 billion in funding.

The European Steel Association (EUROFER) highlighted financing challenges and calls for policy support to lower electricity costs, build green hydrogen infrastructure, and boost low-carbon steel demand.

Thyssenkrupp cites limited green hydrogen and renewable energy as key bottlenecks, urging government cost-sharing and low-carbon steel quotas.

Thyssenkrupp cites limited green hydrogen and renewable energy as key bottlenecks, urging the government to support cost-sharing and set quotas for low-carbon steel.

Renewable energy development faces grid limitations and slow approvals. The EU plans to streamline processes and invest EUR 584 billion by 2030. Importing green iron is suggested as a relatively easy way compared to building a new hydrogen pipeline. The method is believed to be a more cost-effective and short-term solution to decarbonize steel while preserving jobs and expertise.