Global green hydrogen-based steel opportunities surrounding high quality renewable energy and iron ore deposits
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Abstract
The steel sector currently accounts for 7% of global energy-related CO2 emissions and requires deep reform to disconnect from fossil fuels. Here, we investigate the market competitiveness of one of the widely considered decarbonisation routes for primary steel production: green hydrogen-based direct reduction of iron ore followed by electric arc furnace steelmaking. Through analysing over 300 locations by combined use of optimisation and machine learning, we show that competitive renewables-based steel production is located nearby the tropic of Capricorn and Cancer, characterised by superior solar with supplementary onshore wind, in addition to high-quality iron ore and low steelworker wages. If coking coal prices remain high, fossil-free steel could attain competitiveness in favourable locations from 2030, further improving towards 2050. Large-scale implementation requires attention to the abundance of suitable iron ore and other resources such as land and water, technical challenges associated with direct reduction, and future supply chain configuration.
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