Building on theInvestor primer to scenario analysis, and the first application of the method on utilities and automotive, this report describes two climate scenarios for the steel sector, in particular for thyssenkrupp, ArcelorMittal, and voestalpine. The report demonstrates the implications for these companies’ valuations in using two examplary strategic choices. Insights are provided in company engagement and financial performance with their regional and technology contributors. Read all reports in this series at http://co-firm.com/en/publikationen/.