Definition: Steel is a widely-used alloy of iron and carbon, typically containing small amounts of other elements like manganese, silicon, sulfur, and phosphorus. It is one of the most essential engineering materials due to its versatility, strength, and durability. The carbon content in steel distinguishes it from iron, making it tougher and more suitable for various applications.

Composition: The primary components of steel are iron and carbon, with carbon content ranging from 0.2% to 2.1%. The presence of other elements in trace amounts contributes to specific properties. Manganese enhances strength, silicon aids in deoxidation, sulfur and phosphorus affect machinability, and other elements like chromium, nickel, and molybdenum can be added for alloying purposes.

Types:

1. Carbon Steel: Mainly composed of iron and carbon, it is the most common type. Different carbon levels define its strength and hardness.
2. Alloy Steel: Contains additional elements like manganese, chromium, or nickel to enhance specific properties, such as corrosion resistance, strength, or heat resistance.
3. Stainless Steel: Contains chromium for corrosion resistance. It is known for its high strength, durability, and resistance to rust and staining.
4. Tool Steel: Designed for tool manufacturing, it is hardened and tempered to provide exceptional hardness and wear resistance.
5. High-speed Steel: Exhibits high hardness, wear resistance, and heat resistance, making it suitable for cutting tools at high speeds.

Properties:

1. Strength: Steel is renowned for its high tensile strength, making it suitable for construction, machinery, and other applications where strength is crucial.
2. Ductility: Steel can be drawn, stretched, or shaped without breaking, allowing for various fabrication processes.
3. Hardness: Depending on the carbon content and heat treatment, steel can range from soft to extremely hard, making it versatile for different applications.
4. Corrosion Resistance: Stainless steel, in particular, is resistant to corrosion, making it ideal for applications in harsh environments.
5. Malleability: Steel can be easily formed into different shapes, enhancing its adaptability for various manufacturing processes.

Applications:

1. Construction: Steel is a fundamental material in building construction, used for structural frames, beams, columns, and reinforcement bars.
2. Transportation: It is employed in the manufacture of automobiles, ships, trains, and aircraft due to its strength and durability.
3. Infrastructure: Bridges, pipelines, and tunnels often rely on steel for its structural integrity and load-bearing capacity.
4. Machinery and Equipment: Steel is essential for manufacturing machinery, tools, and equipment in industries ranging from agriculture to manufacturing.
5. Energy Sector: Used in the production of oil and gas pipelines, wind turbines, and power transmission infrastructure.
6. Consumer Goods: From household appliances to cutlery, steel's durability and resistance make it a common material in everyday items.

The discourse on the future trajectory of the U.S. steel industry and the transition to green steel is prominently marked by the sector's enduring battle against imports and global oversupply, as highlighted in a report by E&E News.

To address these challenges, steel companies are advocating for the adoption of the Leveling the Playing Field 2.0 Act. This bipartisan legislation empowers the Commerce Department to levy tariffs on governments supporting businesses in foreign countries. Presently, the bill faces a deadlock in both houses of Congress.

According to data from the American Iron and Steel Institute (AISI), in 2023, the U.S. produced 89.7 million tons of steel while importing 28.2 million tons. Foreign sources constitute over a fifth of steel consumption in the U.S., with Mexico identified as a crucial transshipment hub for foreign steel.

In ongoing negotiations between the U.S. and the EU, a green steel club is being considered. Although the parties recently resumed the mutual suspension of tariffs imposed during the Trump administration, skepticism exists regarding the prospects of establishing a global standard for low-emission steel trade due to persistent disagreements.

Inu Manak, a trade policy fellow at the Council on Foreign Relations, noted that the Biden administration prioritizes market access for U.S. companies over expanding trade in low-carbon steel.

"While the American and European steel industries are relatively green, there is room for further decarbonization," she remarked.

Presently, U.S. lawmakers are coalescing around the PROVE IT Act, approved by the Senate Committee on Environment and Public Works in January. The legislation mandates the Department of Energy to scrutinize and determine the emissions intensity of various U.S.-made products, including steel, in comparison to products from other countries.

Although some conservative groups criticize it as a potential precursor to a carbon tax, experts assert its primary focus is curbing imports from China and India.

U.S. steel producers endorse this approach, advocating for a premium on countries and companies producing high-emission steel. Philip Bell, president of the American Steel Manufacturers Association (SMA), stated that mechanisms like the PROVE IT Act could set the stage for such surcharges.

While the fate of the PROVE IT Act remains uncertain, supporters anticipate its growing popularity, especially if aligned with a potential return of Donald Trump to the U.S. presidency, given his protectionist stance and firm position on trade issues with China. As reported earlier, groups representing U.S. steelmakers are pushing for legislative support in 2024 to bolster domestic demand and restrict imports of carbon-intensive steel from nations like China.