China produced 57% of the world’s crude steel in 2020 alone. Last year, 91% of steel was produced by blast furnace technology and only 9% of steel production came from electric arc furnaces. In contrast, the U.S. produces 70% of its steel from recycled scrap and Europe is utilizing low-emissions technology such as direct reduced iron facilities.
 
In 2021, however, China’s crude steel output is down 0.7%. This is the first decline in five years. The International Energy Agency expects this to continually change, as under the Announced Pledges Scenario, China has stated it will reach net-zero emissions by 2060.
 
You can read the full report from the IEEFA here.