Around 48% of global crude steel will be made via EAF by 2050, according to Woodmac, increasing from 30% in 2021 and almost on a par with traditional blast furnace steelmaking.
It expects China to lead the cut, halving its carbon emissions in the coming three decades, though most of the reduction will be due to falling steel output. Tight scrap supply could pose a threat to China's decarbonisation, as hiking scrap prices will pressure steel margins in coming years, Woodmac's Malan Wu told Reuters.
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Yeah but those coal fired power plants will easily make up for it. Renewables simply cannot sustain that amount of juice. Nice try though. Cute really. Too bad nuclear is considered the devil.