Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 79

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 79
---
     |                         0.44 |     |                           3.7 |     |     |     |            |             |
| 2021     |     | 2.02 |     | 0.84 |     |                                |                       97.21 |     |                         0.42 |     |                           3.2 |     |     |     |            |             |
| 2022     |     | 1.65 |     | 1.35 |     |                                |                       81.09 |     |                         0.82 |     |                           3.0 |     |     |     |            |             |
| 2023     |     | 0.70 |     | 0.58 |     |                                |                       82.99 |     |                         0.83 |     |                           3.0 |     |     |     |            |             |

#### Steel
Sector boundaries: For the steel sector, our analysis covers companies that attribute over 10% of their revenue to steel production.

Industry dynamics: The main alignment levers for the steel industry are: shifting to low-carbon energy sources, -e.g. renewable energy or hydrogen-, technological improvements, – e.g. electric-arc-furnaces (EAF), carbon capture, - and material efficiency and recycling. The latest report by Global Energy Monitor

(GEM) shows that 43% of planned steelmaking capacity is now based on electric arc furnace (EAF) technology, while 57% would use coal-based blast furnace-basic oxygen furnaces (BF-BOF). According to IEA, the direct CO 2 intensity of crude steel production has decreased slightly in the past few years. However, efforts will likely still need to be accelerated to align with Net Zero Emissions by 2050 scenarios.

Annual report 2024 65

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

Portfolio composition : Availability of reliable data has improved since our last report, although there are still gaps in certain regions. We employ a conservative approach by assigning all customers with insufficient data to the lowest climate tier. This is a small and concentrated portfolio, where small changes in composition have a noticeable impact on the overall emission intensity.

Portfolio evolution : The reduction in emission intensity from 1.36 to 1.24 tCO 2 e/tS