The steel industry, which relies heavily on primary energy, is one of the industries with the highest CO2 emissions in China. It is urgent for the industry to identify ways to embark on the path to “green steel”. Hydrogen metallurgy technology uses hydrogen as a reducing agent, and its use is an important way to reduce CO2 emissions from long-term steelmaking and ensure the green and sustainable development of the steel industry. Previous research has demonstrated the feasibility and emission reduction effects of hydrogen metallurgy technology; however, further research is needed to dynamically analyze the overall impact of the large-scale development of hydrogen metallurgy technology on future CO2 emissions from the steel industry. This article selects the integrated MARKAL-EFOM system (TIMES) model as its analysis model, constructs a China steel industry hydrogen metallurgy model (TIMES-CSHM), and analyzes the resulting impact of hydrogen metallurgy technology on CO2 emissions. The results indicate that in the business-as-usual scenario (BAU scenario), applying hydrogen metallurgy technology in the period from 2020 to 2050 is expected to reduce emissions by 203 million tons, and make an average 39.85% contribution to reducing the steel industry’s CO2 emissions. In the carbon emission reduction scenario, applying hydrogen metallurgy technology in the period from 2020 to 2050 is expected to reduce emissions by 353 million tons, contributing an average of 41.32% to steel industry CO2 reduction. This study provides an assessment of how hydrogen metallurgy can reduce CO2 emissions in the steel industry, and also provides a reference for the development of hydrogen metallurgy technology.
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