The steel industry is the largest consumer of energy in the world among industrial sectors. It is generally acknowledged that energy and environment are intimately related. Steel production is an energy intensive process that has a significant environmental impact. This paper reviews the progress made on energy consumption, carbon dioxide emissions and water consumption in the steel industry worldwide. The reduction in the availability of fresh water resources combined with the effects of global warming and climate change have increased pressure on industries, especially steel, to reduce its overall pollution, and specifically its water and carbon footprint. The implications of these effects on the value chain is discussed in this review. The contribution of new emerging technologies of iron and steelmaking is also reviewed. Finally, the important issues that contribute to define a sustainable industrial activity such as the recycling of steel and of by-products of steel production are studied. The history of steel industry is full of lessons, one of which is the need to keep the dreams alive. There are indeed expectations to solve problems created by technical progress.