This review examines the current state of greenhouse gas (GHG) inventory practices and reduction strategies in the steel industry, emphasizing the importance of accurate and transparent emissions data for effective climate change mitigation. The steel industry is a major contributor to global GHG emissions, with the iron and steel sector accounting for approximately 7% of the global energy system's total emissions. The sector is the second-largest energy consumer among heavy industries and is responsible for around 2.6 gigatonnes (Gt) of carbon dioxide (CO₂) emissions annually. The review highlights the need for sustainable production methods and the transition to green steel production, which involves technologies such as electric arc furnaces (EAFs), direct reduced iron (DRI) with green hydrogen, and carbon capture, utilization, and storage (CCUS) systems. These technologies offer significant potential for reducing emissions compared to traditional methods. The review also discusses the challenges and opportunities associated with these technologies, including economic viability, scalability, and the readiness of energy infrastructure. Verification and validation of GHG inventories are crucial for ensuring the credibility of emissions data in the context of evolving regulatory frameworks. The review emphasizes the importance of standardized and rigorous assurance practices to support sustainable industrial practices. The steel industry is moving towards more robust methodologies and a commitment to transparency, including life cycle assessments and Environmental Product Declarations. The review also highlights the role of third-party assurance and rigorous verification in enhancing the credibility of GHG reporting. The steel industry is under increasing pressure to report GHG emissions thoroughly and accurately, leveraging advanced technologies and expertise to ensure that data is meaningful and contributes to a more accurate representation of its environmental impact. The paper concludes that the steel industry has the potential to make a substantial impact on global carbon reduction efforts through the adoption of low-carbon technologies and renewable energy sources.This review examines the current state of greenhouse gas (GHG) inventory practices and reduction strategies in the steel industry, emphasizing the importance of accurate and transparent emissions data for effective climate change mitigation. The steel industry is a major contributor to global GHG emissions, with the iron and steel sector accounting for approximately 7% of the global energy system's total emissions. The sector is the second-largest energy consumer among heavy industries and is responsible for around 2.6 gigatonnes (Gt) of carbon dioxide (CO₂) emissions annually. The review highlights the need for sustainable production methods and the transition to green steel production, which involves technologies such as electric arc furnaces (EAFs), direct reduced iron (DRI) with green hydrogen, and carbon capture, utilization, and storage (CCUS) systems. These technologies offer significant potential for reducing emissions compared to traditional methods. The review also discusses the challenges and opportunities associated with these technologies, including economic viability, scalability, and the readiness of energy infrastructure. Verification and validation of GHG inventories are crucial for ensuring the credibility of emissions data in the context of evolving regulatory frameworks. The review emphasizes the importance of standardized and rigorous assurance practices to support sustainable industrial practices. The steel industry is moving towards more robust methodologies and a commitment to transparency, including life cycle assessments and Environmental Product Declarations. The review also highlights the role of third-party assurance and rigorous verification in enhancing the credibility of GHG reporting. The steel industry is under increasing pressure to report GHG emissions thoroughly and accurately, leveraging advanced technologies and expertise to ensure that data is meaningful and contributes to a more accurate representation of its environmental impact. The paper concludes that the steel industry has the potential to make a substantial impact on global carbon reduction efforts through the adoption of low-carbon technologies and renewable energy sources.