To guide enterprises to reduce carbon and pollution and achieve low-carbon transformation, IPE and Lvse Jiangnan developed the Corporate Pollution and Carbon Reduction Index in 2022, and carried out quantitative evaluation for iron and steel A-share and H-share listed companies for two consecutive years. The 2023 evaluation shows that under the guidance of China's "dual carbon" goal, the "1+N" policy system and a number of industry-specific policy standards, coupled with the needs of the EU carbon tariffs, the Chinese steel industry are accelerating their climate action and environmental governance. On the other hand, there are still shortcomings in the synergy of carbon and pollution reduction. IPE thus calls for multi-stakeholders to collectively undertake their responsibilities to promote the green transformation and sustainable development of China's steel industry.