The steel industry has long been integral to global industrial development, yet its significance comes at an environmental cost, as it remains one of the largest industrial sources of carbon dioxide (CO2) emissions. With global production reaching 1.9 billion metric tons of crude steel in 2023, this sector alone accounted for approximately 26% of total industrial CO2 emissions. The urgent need for decarbonization within the steel value chain is now a key focus for governments, industries, and environmental organizations. This paper examines the decarbonization efforts across the steel value chain, covering technological, economic, and policy aspects shaping the industry's future, including key stakeholders, current and emerging technological trends, and essential corporate decarbonization initiatives within the global steel sector.