To be in line with the Paris Agreement and mitigate average temperature rise to 1.5°C, and to a maximum of 2°C, greenhouse gas emissions will have to be reduced close to zero before mid-century. If these targets are to be reached, rapid and complete decarbonisation of every sector within the global economy is required. Currently, energy-intensive industrial sectors account for more than 30% of global energy use, and are responsible for approximately 50 % of global greenhouse gas emissions, whereas the iron and steel industries have the largest aggregated greenhouse gas emissions globally. Although the steel industry is at the cusp of major climate neutrality transitions, as recent studies have presented opportunities of producing completely fossil-free steel, decarbonising large-scale production processes is a complex query affected by a multitude of internal and external factors. Höganäs AB, as one of the largest powder metal manufacturers in Sweden, has initiated their work towards net-zero emissions in 2045. With production sites in over 18 countries, the company serves as an example of a company in the midst of turning a “hard-to-abate” industry towards being sustainable.  The aim of this study is thus to assess the effects of climate agendas and frameworks, such as the Paris Agreement and the IPCC Report on initiatives and policies on a global, national and regional level within countries where Höganäs AB has its major production facilities. The aim is further to review the effects of climate strategies and targets on the steel and powder metal industry, as well as to monitor the industry’s inclinations towards climate neutrality. The findings of the performed literature study, as well as the conducted qualitative interviews, resulted in a framework regarding how to identify and assess trends within the steel and powder metal industry based on two theoretical perspectives on corporate climate transitions. Through the results, it could be concluded that despite all countries having ratified the Paris Agreement as of January 2021, no country is currently on the path towards reaching the 1.5°C target that is recommended by the IPCC Report and the Paris Agreement. Still, there is a growing demand for low-carbon technology and renewable energy in every country, something that will partly weigh up for both up-scaled industrial production and countries’ increased GDP. Within the industry, an increased number of initiatives and commitments has been launched during the past few years, indicating that questions of climate change and sustainability are being entrenched in the corporate sector. Going forward, indicators to measure continuous improvements to reach net-zero are associated with emission- and energy data, value chain management and industry investments. As technological advancements towards hydrogen, electrification and digitalisation are being upscaled and increasingly tangible, climate neutrality in the PM and steel industry is achievable through a profound and intended climate focus and an increased sense of urgency.