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In the urgent quest for solutions to mitigate climate change, the industry is one of the most challenging sectors to decarbonize. In this work, a novel simulation framework is presented to model the investment decisions in industry, the Industrial Sector Module (ISM) of the ModUlar energy system Simulation Environment (MUSE). This work uses the ISM to quantify effects of three combined measures for CO₂ emission reduction in industry, i.e. fuel switching, electrification, and adoption of Carbon Capture and Storage (CCS) and to simulate plausible scenarios (base scenario and climate ambitious scenario) for curbing emissions in the iron and steel sector in the USA between 2010 and 2050. Results show that when the climate ambitious scenario is applied, the cumulative emissions into the atmosphere (2,158 Mt CO₂) are reduced by 40% in comparison to the base scenario (3,608 Mt CO₂). This decarbonization gap …