Summary Given increased urgency to transition the global economy to net-zero CO2 emission, governments and industry have increased focus on decarbonizing hard-to-abate sectors, including steel making, which contributes roughly 6% of global CO2 emission and 8% of energy-related emission (including power consumption emission). This paper reviews current global iron and steel production and assesses available decarbonization technologies, including hydrogen injection, solid biomass substitution, zero-C electricity substitution, carbon capture and storage (CCS) retrofit, and combinations of these decarbonization approaches. Blast furnace-basic oxygen furnace (BF-BOF) dominates production (71%) and is particularly stubborn to any decarbonization technology. Direct reduced iron to electric arc furnace (DRI-EAF) production is 5% and growing, it appears to have better decarbonization potential to move toward net-zero. Secondary steel production using mainly steel scrap in electric arc furnace (EAF-scrap) is 24% of global production and has both the lowest energy consumption and is technically simplest to decarbonize through electrification but is limited in market share to recycled steel capacity. Of the options assessed, blue hydrogen, carbon neutral biomass, and CCS appear to have the lowest cost and highest technical maturity. However, no single approach today can deliver deep decarbonization to the iron and steel industry and all approaches lead to substantial production cost increase. No uniform ideal solution exists, and different geographies, infrastructure, and economies will determine the local optimum solution with viability and cost. Policy measures will be required to provide financial incentives for decarbonization and to avoid unwelcome outcomes such as emissions leakage or job loss.