The global steel industry, accounting for 7-9% of CO2 emissions, is experiencing significant changes driven by the need for decarbonization and sustainability. IDTechEx's report outlines the industry's path towards decarbonization until 2035, analyzing both traditional and innovative production methods. The report highlights the carbon challenges faced by steelmakers using blast furnace-basic oxygen furnace (BF-BOF) methods and how evolving regulations are pushing for greener alternatives. One of the key technologies emerging in the industry is hydrogen-based direct reduction, particularly H2-DRI, as a solution for green steel production. Various variants of this technology are being developed to reduce emissions and improve production efficiency. Companies like Voestalpine and POSCO are actively working on implementing these technologies. The report covers a range of decarbonization strategies, including renewable energy integration, hydrogen injection, and electric arc furnace (EAF) capacity expansion. Market drivers like policy frameworks and increasing demand for sustainable materials are pushing steelmakers towards adopting low-carbon technologies. IDTechEx forecasts show a shift towards green steel production globally, with major steelmakers investing in technology development and hydrogen-ready production sites. The report also highlights the potential for new iron and steel hubs in regions like Australia and Africa, driven by green hydrogen development. Overall, the report offers valuable insights into the market dynamics, regional trends, and technological advancements that are shaping the transition to sustainable steel production. It provides a comprehensive overview of the industry's evolution towards low-carbon and green steel production, offering stakeholders a clear understanding of the challenges and opportunities in the sector.