The steel industry is facing challenges and opportunities in transitioning to hydrogen-based processes for steelmaking. While new furnaces capable of using hydrogen instead of coal show promise for reducing emissions, the high cost and limited supply of green hydrogen hinder investment in hydrogen-based projects. Europe's ArcelorMittal is among the producers delaying such investments. Additionally, mainland China is seeing a drop in funding for new electric furnaces due to reduced steel demand in key sectors. Investments in low-emissions hydrogen for ammonia production remain stable, although funding has decreased for circular economy and bio-based plastics projects. Despite the potential of co-locating hydrogen plants and renewables, as well as incorporating carbon capture units in polluting facilities, developers are showing less interest in these initiatives. The future investment landscape in 2025 will depend on policy developments in key markets. In the United States, companies are waiting for clarity on federal incentives for industrial decarbonization, while the European Union and China are working on clean industry initiatives and regulations to reduce emissions from sectors like steel and cement. Positive outcomes from these efforts could lead to increased clean-industry investments in the coming years.