According to BloombergNEF, the steel industry could use hydrogen, instead of fossil fuels, for between 10% and 50% of output by 2050. Hydrogen, which can be used instead of coke as reduction agents in a process called direct reduced iron, is already being tested by large steelmakers such as ArcelorMittal and Thyssenkrupp.
Hydrogen technology will be competitive with high-cost, coal-based plants when the cost of renewable hydrogen falls below $2.20/kg, which BloombergNEF reports is possible by 2030.