The steel industry, vital for the low carbon economy, is set to witness increased production levels until 2050 driven by global expansion and renewable energy needs. However, the sector faces substantial challenges due to its significant greenhouse gas emissions, particularly from coal-based steelmaking. With the EU imposing a carbon tax on steel, companies are exploring ways to minimize emissions and maintain competitiveness. Some are shifting to secondary steel production using scrap, while others are adopting lower carbon pathways like hydrogen-based direct reduction and carbon capture. Despite the cost implications, these technologies offer hope for achieving deep emissions cuts. Research suggests that transitioning to electric arc furnace steelmaking and hydrogen-based processes could lead to over 70% emissions intensity reduction by 2050. While cost gaps persist between traditional and lower carbon steel production, advancements in technology and decreasing carbon prices are driving the industry towards sustainable practices. The industry's journey towards low carbon technologies will require collaboration between producers and stakeholders to accelerate the adoption of environmentally friendly practices.