Cost and life cycle analysis for deep CO2 emissions reduction of steelmaking: Blast furnace-basic oxygen furnace and electric arc furnace technologies

•Six BF-BOF and four EAF decarbonization options are evaluated for their CO2 reduction and associated costs against a consistent baseline.•Improved energy efficiency, carbon capture and storage, and low-carbon energy switching have been evaluated for CO2 reduction and associated cost.•Deep decarbonization can be achieved by combining various CO2 reduction options.•The avoidance cost of CO2 is impacted mainly by fuel prices.•CO2 capture and storage provides highest CO2 reduction and lowest CO2 avoidance cost.