As global steel companies, we are coming together before COP30, to reaffirm our commitment to reach net-zero emissions by 2050 and to align near-term action with a 1.5 °C pathway. Industry emissions appear to have peaked earlier than previously predicted. While this is driven largely by a cyclical dip in output rather than by structural decarbonization, the window to convert this into lasting declines is now. The steel sector, long seen as hard-to-abate, is now emerging as a key driver of the transition. We are ready to invest; but we need the right policy environment to turn a project pipeline into reality. To accelerate the shift from peak emissions to a rapid, sustained transition, the following conditions are essential:

1. Scrap-based electric steelmaking is the fastest way to cut emissions, and it needs to be scaled wherever scrap, quality and grid conditions allow. Even under ambitious circularity, scrap is unlikely to cover more than roughly half of 2050 demand, leaving a very large requirement for truly near-zero primary steel.

   
   

2. Hydrogen-based direct reduced iron (DRI) is the main technology pathway for climate-neutral primary steel production. Its large-scale global uptake requires a concerted, coordinated effort across the entire technology value chain – from technology providers and engineering firms to steelmakers and investors – to rapidly expand capacity and deployment.
   
   

3. Iron ore, iron and steel producers are positioned to be global leaders in transforming energy-intensive industries. By setting and delivering on clear pathways to climate neutrality – underpinned by existing net-zero commitments – they will demonstrate that transforming the steel sector is both possible and commercially viable.
   
   

4. Climate-neutral steel requires reliable access to affordable renewable electricity and hydrogen and supporting infrastructure. Companies will actively work with energy partners and governments to unlock these resources for iron and steel production.
   
   

5. Steel sector transformation at scale depends on robust governance, fair and transparent trade rules and coordinated global action in technology and investment. Joint efforts by international bodies, governments, industry actors and downstream customers are needed to align standards, reduce trade barriers and foster cross-border cooperation that supports a competitive, climate-neutral steel industry.
   
   

6. Governments need to support this transformation by enacting supportive policy frameworks along the iron and steel value chain. Measures that accelerate investment, reduce risk and stimulate demand are needed to create a viable business case for climate-neutral steel.

We will do our part: convert sites to near-zero routes, sign long-term offtake agreements, invest in workforce skills and supplier development and disclose product footprints with integrity. But projects must clear final investment decision (FID) now, not in the 2030s. With the policies above, we can lock in millions of tonnes of near-zero primary capacity and green iron supply chains this decade, while lifting circularity to its full potential.

COP30 in Brazil – with its focus on industrial decarbonization and getting projects over the line – should be the moment we align ambition with bankable delivery. Give us stable rules, fair competition and de-risked clean inputs, and we will build the resilient, competitive net-zero steel system the world badly needs.