Over 150 green steel agreements have been signed globally. Automakers including Mercedes, Renault, and Volvo are securing long-term supply. However, the market remains fragmented. India became the first country to define green steel through its taxonomy, establishing three-tier ratings from 1.6 to 2.2 tonnes of CO₂ per tonne of steel. Yet India's industry averages 2.5 tonnes. The EU's CBAM has reshaped global trade. Major European producers have delayed or canceled green steel projects. The industry faces a classic chicken-and-egg problem.