Based on green and low-carbon development, the China Iron and Steel Association is developing an industrial transformation plan that covers the complete carbon neutrality process, said the organization's top official.

"China's steel industry has gone through fundamental changes in terms of its comprehensive competitiveness and overall condition. Similar to the global steel industry, China's steel sector is implementing a future-oriented green and low-carbon transformation plan," said He Wenbo, executive chairman of the China Iron and Steel Association, during his speech at the China International Steel Congress and Global Low-carbon Metallurgy Innovation Forum 2023 on Sunday in Shanghai.

The executive chairman said that China plans to launch an ultra-low emissions transformation plan that covers 80 percent of its existing steel production capacity, with high-standard green production capacity able to support the nation's demand for steel materials by 2025.

In the meantime, Chinese industrial leading companies, including China Baowu Steel Group Corp, have been exploring low-carbon technologies and engineering practices for the world's latest low-carbon production processes, He added.

"An overall transformation plan aiming to utilize the existing green and low-carbon development plans by enterprises and governments is being developed by the China Iron and Steel Association. The transformation package, which will cover the whole process of carbon neutrality, will be progressive, fair, balanced and coordinated," he said.

Being the world's leading steel producer, China produced 53.9 percent of global steel in 2022, according to information released during the forum.

Edwin Basson, director-general of the World Steel Association, said the steel sector's development in China over the past two decades has been eye-catching and he hopes the country will continue its important role in the global steel industry.

Basson said the global steel industry is currently facing common challenges, especially in the green and low-carbon transformation. No one can be left behind, and the problem can only be tackled by working together, he added.

Basson is optimistic that the steel industry will find solutions to achieve a green and low-carbon transformation. In addition to achieving green and low-carbon development, the global steel industry should also help the transformation of industries in the likes of transportation and energy, by helping them find solutions to low-carbon transformation and providing more low-carbon materials.

Hu Wangming, chairman of China Baowu Steel Group Corp, said carbon neutrality in the steel industry cannot be achieved with a few technologies, therefore all efforts in reducing steel emissions should be recognized and encouraged.

"The steel industry must reach a consensus on green and low-carbon transformation, vigorously promote international exchanges and cooperation, actively carry out low-carbon green transformation actions, and strive to build a green and low-carbon steel ecosystem," Hu said.

With a vision of becoming a global leader in the steel and advanced materials industries, China Baowu produced 130 million metric tons of steel in 2022, reported 1.15 trillion yuan ($157.3 billion) in sales revenue and generated 31.3 billion yuan in profit last year, he said.