The global steel industry is undergoing a transformation towards greener and more sustainable practices as countries aim to achieve ambitious decarbonization goals. The push for cleaner technologies in steelmaking has led to a surge in advancements in low-carbon steel production, with a particular focus on hydrogen-based processes, carbon capture utilization and storage (CCUS), and electrification using renewable energy sources. Major steel producers worldwide, including industry giants in Europe like ArcelorMittal, SSAB, and Thyssenkrupp, are heavily investing in transitioning towards green steel production to reduce carbon emissions. The report highlights that Europe is at the forefront of this transition, driven by the EU's climate targets and the implementation of a carbon border adjustment mechanism (CBAM) that incentivizes low-carbon steel production. Additionally, China, as the largest steel producer globally, has set ambitious targets to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, which is expected to stimulate investments in low-carbon steel technologies. While the outlook for green steel is positive, the industry faces challenges such as the high costs associated with transitioning to low-carbon production methods. Despite the projected cost reductions over time, green steel is anticipated to remain more expensive than traditional steel in the short term. Other hurdles include the limited availability of renewable energy sources and green hydrogen, regulatory ambiguities, and technical constraints of some low-carbon production processes. The green steel market is poised for rapid growth in the coming years, driven by increasing demand from key sectors like automotive, construction, and consumer appliances, as well as the enforcement of stringent emissions regulations and carbon pricing mechanisms. The report also emphasizes the importance of overcoming challenges related to costs, infrastructure, and technology readiness to fully realize the potential of green steel as a critical component in global decarbonization efforts. Stakeholders across the green steel value chain, from steel producers to technology developers and investors, will find valuable insights in the report to navigate the evolving landscape and capitalize on emerging opportunities.