Steel Yourself: Implications of Peak Demand in the Energy Transition

For the past two decades, the steel industry has been characterized by a “super cycle” of growth. This growth, although slowing in pace, has led in part to the sector’s emissions being higher than those from any other material industry. To bring the steel industry into alignment with a 1.5°C climate outcome, steel demand will need to peak between 2035 and 2040, according to the energy transition pathways we analyzed in this brief.