A consortium of European steelmakers and tech firms has achieved a milestone in green steel production by using hydrogen-direct reduction technology to eliminate 90% of CO₂ emissions compared to traditional blast furnaces. The pilot plant in Sweden, backed by €500 million in public-private funding, plans to scale up production by 2027. Major automakers, including Volvo and BMW, have already signed offtake agreements for the low-carbon steel. Analysts predict this could reshape the industry’s climate strategy, though high upfront costs remain a hurdle for widespread adoption.