Steelwatch's first scorecard rates eighteen major steel companies across twenty-nine countries, and no company scores above forty out of one hundred. European producers like SSAB, thyssenkrupp, and ArcelorMittal lead the field, but the race has no winners yet. Blast furnace steelmaking generates over two metric tons of carbon dioxide per metric ton of steel produced. Green hydrogen and direct reduced iron technology offer the clearest path to genuine decarbonization.