
Steel's Transformation Opportunity
From Coal to Clean: Transforming Steel for a Net-Zero Future

A clear and bold heading

A clear and bold heading

A clear and bold heading

A clear and bold heading

A clear and bold heading

A clear and bold heading

A clear and bold heading
Steel, a cornerstone of the global economy, contributes 8% of global energy demand and 7% of emissions, emitting 2.6 gigatons of CO₂ annually.
As the largest industrial consumer of coal, responsible for 75% of its energy use, the sector must evolve to meet global climate targets. Emissions must fall by at least 50% by 2050, with continued progress toward net zero.
This transformation is not just a challenge—it’s an opportunity for forward-thinking steelmakers to drive sustainable growth while reshaping the future of the industry.
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Coal Dependency: 75% of steel production relies on coal.
Impact: Decarbonization efforts remain constrained. -
Hydrogen Challenges: High costs and limited availability of green hydrogen.
Impact: Adoption is stalled. -
Financial Barriers: Retrofitting plants demand significant capital.
Impact: Transition is slow.
Bioenergy offers a powerful lever to decarbonize primary steelmaking. By replacing fossil coke with biocoke or biochar during the ore reduction process, steelmakers can reduce emissions while unlocking opportunities to valorize bioenergy by-products like bio-oil and biogas.
Leaders in the industry are evaluating mid-term strategies to establish profitable, scalable business cases for bioenergy adoption through “primary-buy, opportunistic-make” models.
Feedstock Strategies: Evaluate local and regional supply chains for technical, volume, and cost alignment.
Innovative Technologies: Identify scalable, economically viable alternatives to coal.
Strategic Partnerships: Secure long-term feedstock supply and unlock revenue through offtake opportunities for bio-oil and biogas.
Revenue-Positive Models: Design actionable “make vs. buy” strategies to maximize profitability.
Policy and Regulation Insights: Assess the impact of incentives and compliance on technology adoption.
- Which biofeedstocks are most suitable for regional conversion into biochar, biocoke, pyro oil, and biogas?
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Who are the right partners to secure feedstock and optimize downstream offtake models? How can operating and revenue models be designed to capture bioenergy opportunities profitably?
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What novel pretreatment and conversion technologies can match or exceed traditional coal's performance?
Opportunity Screening
- Assess Feedstock Options: Physicochemical factors, volume, and price.
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Screen technology options: novelty, maturity, and access.
- Contextualize industry best practices.
Go, No-Go, Slow Go Decision
- Establish techno-economic feasibility.
- Develop S-curve scenarios on economic viability and scale.
- Determine Supply chain readiness.
- Assess future risk-reward scenarios.
Model of engagement
Viability of GTM strategy
Entry barriers & success factors
Credibility of market claims
Go-to-Market Strategy
- Select relevant go-to-market partners through in-depth pre-due diligence.
- Develop new business model.
- Design go-to-market roadmap.
The FSX Six Lenses Methodology
Our holistic approach using propriety Sustainable-Growth-as-a-Service™ methodology examines your business through six critical lenses and delivers actionable insights.

Policy & Regulation
Carrots vs. Sticks

Innovation & Technology
Potential vs. Scale

Techno-economics
Tipping points vs. ROI

Supply Chain
Technical vs. Capital Readiness

Digitalization
Time-to-market vs. Payback Period

Partnership & Ecosystem
Risk vs. Reward

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech

Hitesh Shah
Chief Executive Officer
Hitesh is the founder and CEO of FutureScaleX.
He is an entrepreneur, passionate about technology and innovation. In 2000, he co-founded FutureBridge a global research and advisory company focused in advising on technology commercialisation and future of things.... driven by rapidly progressing underlying tech