Outokumpu whitepaper on the future of steel – clock is ticking for steel as geopolitics put the industry into spotlight

HELSINKI , FINLAND, October 7, 2024 /EINPresswire.com/ -- The green transition is one of the primary drivers of industrial transformation in the 21st century. In 2023, the steel industry, both carbon and stainless, reached a market value of $928 billion, producing ~2 billion tons of steel. Currently, the steel industry accounts for 10% of global greenhouse gas emissions. By 2050, steel industry emissions need to be reduced by 90% compared to 2022 levels, a monumental change that requires a deep transformation of steel actors from around the world.

Outokumpu, the global leader in sustainable stainless steel, has published a report* on the future of steel – identifying five critical shifts to accelerate the green transition. The report builds a clear view on how the steel industry needs to revolutionize itself, encompassing the growing need to decarbonize and go beyond carbon, the significance of a stable and long-term regulatory environment, the need to move up the circularity value chain, the shared responsibility of the green investments – and the necessity for a repositioning of the green transition to gain public support.

“The strategic importance of steel and other resources is once again in the spotlight, as nations grapple with the challenges of ensuring industrial resilience and navigating the green transition. And, while today's focus for steel is carbon emission-centric, tomorrow's challenges will demand a holistic approach, likely increasingly encompassing more planetary boundaries and higher social requirements. Recognizing which phase of change an organization is in is crucial for initiating the change that goes far beyond improving materials or reducing emissions”, says Johann Steiner, Executive Vice President for Sustainability, Strategy and People at Outokumpu.

Outokumpu took part in the Climate Week NYC in September, to activate global climate discussion and to accelerate the needed change. Tamara Weinert, President for Business Line Americas, and Heidi Peltonen, Vice President of Sustainability at Outokumpu, participated in the SDG Executive Interview to talk about how the organization is aiming to reduce emission intensity by 42% by 2030 – and how global cooperation across industries is crucial for accelerating climate action.

Read more on the whitepaper: Outokumpu | Kickstart the future of steel today
Explore key insights from Climate Week: Outokumpu | Climate Week
Watch the SDG Executive interview: Outokumpu – accelerating the green transition with stainless steel

For more information: Outokumpu media desk, tel. +358 40 351 9840, email media(at)outokumpu.com

About Outokumpu Corporation

Outokumpu is accelerating the green transition as the global leader in sustainable stainless steel. Our business is based on the circular economy: our products are made from 95% recycled materials, which we then turn into fully recyclable stainless steel. We are committed to 1.5°C target to mitigate climate change, and with up to 75% lower carbon footprint than the industry average, we support our customers to reduce their emissions. Outokumpu Corporation employs approximately 8,500 professionals in close to 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki.

Eloise McKenna
Acumen Media
+44 20 3553 3664
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Outokumpu in SDG Interviews | Accelerating the Green Transition with Stainless Steel