There's another catch to your calculation: arc furnaces use scrap steel, which is only enough to supply 30% of the world's demand at this time. That's why 30% o

There's another catch to your calculation: arc furnaces use scrap steel, which is only enough to supply 30% of the world's demand at this time. That's why 30% of steel is from electrical power. AFAIK most of the furnaces are already built in places with plentiful renewable power to take advantage of negative power prices. There are furnaces in Europe that operate only when the power is free. Most of the world's steel is produced from ore, which not only requires three times the energy of recycling scrap but also vast quantities of carbon from fossil fuels to incorporate into the alloy. I believe there's a relatively new electrolytic process for the ore but at far smaller scale and it requires even more power.