The steel industry accounts for around 5% of CO2 emissions in the EU and faces the challenge of reducing carbon emissions by 55% by 2030 to align with climate targets. A report based on green steel projects indicates that for green steel production to succeed, it could require 19% of the total EU policy target for renewable hydrogen production by 2030. This translates to 1.7 million tonnes per annum, increasing to 1.9 MPTA by 2045. Additionally, the renewable electricity demand for green iron and steel projects is projected to be substantial, potentially equivalent to Sweden's annual electricity consumption. The analysis emphasizes the need for transparent planning to accurately estimate the increase in renewable electricity demand and green hydrogen needed for the steel sector's transition. The report highlights that the recycling of scrap combined with imports of hot briquetted iron could mitigate the demand for renewable energy but pose trade-offs. The transition from fossil fuel-based to renewable electricity-based iron and steel production requires coordination with the energy sector. The EU needs to ensure a balanced electricity demand across industries to achieve decarbonization successfully. The study also underscores the competition for renewable electricity and green hydrogen, stressing the importance of harmonized planning across sectors. The report evaluates the demand for renewable hydrogen and electricity in EU green steel projects and compares it with the EU Renewable Energy Directive and REPowerEU targets. Different scenarios in the report suggest varying energy needs with implications for energy and materials security. It calls for collaborative efforts among the EU, member states, and steel producers to achieve decarbonization and energy security in the steel industry. The Leadership Group for Industry Transition (LeadIT) plays a pivotal role in driving action to fulfill the Paris Agreement. LeadIT monitors low-carbon investments in the steel industry through the Green Steel Tracker, facilitating informed decision-making for stakeholders. The report provides essential insights for policymakers, industry players, academia, and society to navigate the transition towards green steel production.