New Delhi, Feb. 28 -- The global steel industry is a major polluter, accounting for about 7-9% of global greenhouse gas emissions. The traditional blast furnace-basic oxygen furnace (BF-BOF) manufacturing process is highly carbon-intensive, emitting an average of 2.33 tons of carbon dioxide per ton of steel.

To align with the Paris Agreement's climate goals and pre-empt the imposition of aggressive carbon taxes, major steel manufacturers are actively shutting down their legacy blast furnaces and replacing them with electric arc furnace (EAF) technology.

This transition is rapidly restructuring the global steel industry. In the Western world, EAF steel production has steadily risen from 44% of total production in 2015 to 50% in 2023 and ...