The global steel industry is undergoing a significant transformation towards sustainability and decarbonization as it grapples with its substantial carbon footprint. The industry, responsible for a notable percentage of global CO2 emissions, is facing increasing pressure to adopt greener practices. The IDTechEx report sheds light on how steelmakers are responding to these challenges and evolving towards a more environmentally friendly future. Initiatives include both incremental improvements to existing processes and innovative production methods, particularly focusing on hydrogen and clean electricity. The traditional steel production route, known as BF-BOF, heavily reliant on coking coal, is being scrutinized due to its high carbon intensity. To address this, the industry is exploring various decarbonization pathways, with hydrogen-based direct reduction technologies like H2-DRI emerging as a primary goal. Companies are investing in technologies like shaft furnaces, fluidized bed, and plasma reduction approaches to reduce emissions and enhance production efficiency. The market is witnessing a shift towards 'green steel' driven by policy frameworks and increased demand from sectors like automotive and construction for sustainable materials. Major steelmakers are committing substantial investments towards technology development and hydrogen-ready production sites. The report highlights the importance of green hydrogen development in establishing new iron and steel production hubs. Key aspects covered in the report include detailed analysis of current steel production methods, evaluation of decarbonization technologies, carbon capture applications, and the potential of hydrogen in steel production. Additionally, the report offers insights into novel ironmaking technologies and provides forecasts on global steel production and green steel adoption by major regions and production routes. Overall, the report offers valuable insights for stakeholders interested in understanding the technological advancements, market trends, and competitive landscape driving the transition towards low-carbon and green steel production.