Speaking Monday during the Global Steel Dynamics Forum, Davey shared several predictions on the industry's future during a discussion about decarbonization and ArcelorMittal’s net-zero-focused investments.   

Davey, ArcelorMittal's head of corporate business optimization, said scrap and steel recycling will be an important part of that future, with the material meeting half of global steel demand steel by 2050, with the industry achieving full circularity of scrap by end of this decade.

Blast furnaces and direct reduction also will be employed, he said, but the industry will use technologies that recirculate existing carbon instead of unlocking stored carbon. One such project, he said, is ArcelorMittal’s Torero project, which converts wood waste and end-of-life plastic into bio-carbon.

Davey said there are a variety of ways the industry will go about reducing its carbon footprint, and the path producers choose will vary.

“Steel will be made in different ways in different parts of the world,” he said.

The Global Steel Dynamics Forum, which is taking place in iNew York City this week, is organized by the Association for Iron & Steel Technology and World Steel Dynamics. Check back with AIST’s Steel News for more updates.