Europe faces a $400 billion bill to transform its steel industry from coal-based blast furnaces to cleaner electric arc furnaces. Bloomberg Intelligence analysts say steelmakers must spend $90 billion on furnace conversions, while renewable energy & hydrogen infrastructure account for the rest. The shift is driven not just by climate goals but by the need to reduce Europe's heavy reliance on imported iron ore & coal. A hybrid model combining domestic scrap recycling, hydrogen clusters, & selective green iron imports is seen as the most realistic path forward.