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Korea’s largest steel producer, POSCO, has invested in low-carbon materials, CCUS, electric smelting furnaces, and hydrogen reduction ironmaking. Specifically, they invested in an Electric Arc Furnace in February 2022 to help prepare for CBAM implementation.¹ EAFs typically produce steel with 75% fewer CO₂ emissions than traditional blast furnace facilities.² POSCO reduced its annual emissions by 11% between 2017 and 2022.³

Indian aluminum manufacturer Hindalco initiated an internal carbon price (ICP) in preparation for the CBAM, to “help us in putting a cost for CO₂e emissions internally and aid in managing climate-related risks.”⁴ This ICP is also meant to enable more carbon-efficient projects to get approved through the investment decision process. Hindalco used its ICP tool to calculate the return on investment and streamline approval for a new solar and battery storage project.⁵

In December 2024, the Egyptian government oversaw the signing of several strategic agreements aimed at enhancing Abu Qir’s sustainability to help the company comply with the CBAM. These agreements included a deal with a green hydrogen supplier to replace natural gas as a feedstock for fertilizer production and a contract to install an automated control system to improve energy efficiency.⁷

Motivated in part by the CBAM, in 2024, Çimsa Çimento secured a $70 million green loan from the International Finance Corporation to improve the company’s energy efficiency through waste heat recovery systems and install solar PV at facilities, which is expected to reduce the firm’s emissions by 10%.

Hyundai Steel, Korea’s second-largest producer, signed memorandums of understanding to supply low-carbon steel to three downstream European steel users. A Hyundai official explained that “With the [CBAM] coming into full effect in 2026, we anticipate a significant increase in demand for carbon-reduced steel plates, especially from European automakers.”⁹

In 2023, the Taiwan Cement Corporation committed to spend nearly $1 billion to boost its holdings in a low carbon Turkish cement manufacturer because they believe that under the CBAM regime, low-carbon cement will become a major competitive strength in entering the European market.¹¹

In August 2024, Woodside Energy acquired OCI Global’s Clean Ammonia Project in Beaumont, Texas. Woodside justified this investment, explaining that the EU CBAM “will create a pricing advantage for low carbon ammonia relative to conventional unabated ammonia. The OCI Clean Ammonia Project with its lower carbon intensity will have the potential to attract premium pricing when compared to conventional ammonia producers”¹³ and that the CBAM “is going to be the driving force that pushes consumers of ammonia or hydrogen to adopt lower carbon molecules from 2026 onwards as a way to remain compliant and reduce costs.”¹⁴

In 2024, JSW identified that “failure to comply with emerging climate-related policies and regulations, particularly carbon pricing and EU CBAM, are the most significant risks for JSW Steel.”¹⁶ JSW’s new subsidiary, JSW Green Steel, has just announced that they are moving forward with a low-carbon green steel plant that will produce steel with one-fifth the emissions of average Indian steel production, with production specifically intended for the EU market.¹⁷

In anticipation of the EU CBAM, Boashan is investing in low-carbon energy procurement and industrial energy efficiency. They recently launched their own brand of low-carbon emission steel, BeyondEco-30%, and have expanded their electric arc furnace smelting to meet an 8% emissions reduction goal for 2025. Baoshan has also implemented a “smart carbon management information system” equipped with a CBAM accounting function that they plan to use to limit CBAM compliance costs.¹⁹

NLMK-NBH anticipates increased costs from the CBAM and has made plans to ensure that its steel products have a “progressively lower embedded CO₂ footprint.” NBH has already reduced the emissions intensity of its steel by modernizing its blast furnace technologies and improving waste product treatment for enhanced efficiency. ^{21 22}

Hoa Phat is preparing for the CBAM by improving the energy efficiency of its facilities and transitioning to lower-carbon steelmaking methods such as DRI and Near Net Shape production.²³ It has published an eight-step roadmap to lower its CBAM compliance and emissions-based costs, including the introduction of carbon capture technologies.

Recognizing their reliance on the EU as an export destination, HBIS Serbia has made investments to reduce the carbon intensity of its iron & steel production. Between 2022 and 2023, HBIS Serbia cut the emissions intensity of its hot-rolled coil and sheet by 20%. The company spent $300 million euros to introduce a more energy-efficient blast furnace that reduces heat losses and reuses waste gases.²⁵