The iron and steel industry is widely acknowledged as a carbon-intensive sector, contributing significantly to greenhouse gas emissions. As the global demand and production of iron and steel continue to rise, the early implementation of low-carbon and zero-carbon strategies to expedite the decarbonization processes in the iron and steel industry is paramount for achieving the Intergovernmental Panel on Climate Change (IPCC)'s 2 ℃ climate goal. This article provides a comparative evaluation of recent low-carbon and zero-carbon strategies applied in the iron and steel industry, focusing on the fossil carbon reduction, end carbon utilization, auxiliary strategies, and international supply chain relocation. It delves into the practical manifestations, untapped possibilities, and prevailing challenges associated with these strategies' industrial implementation. Furthermore, it assesses and compares the current carbon-saving potential of the strategies within the global iron and steel industry. The results show that, despite a large industrial scale, low-carbon strategies in iron and steel have a limited emission reduction capacity of up to 55%. While zero-carbon strategies offer higher potential (95-100% reduction), they are still nascent and not widely used. Meeting the IPCC's 2 ℃ target by 2050 with current strategies alone is challenging. Hence, scaling up zero-carbon strategies quickly and expanding low-carbon ones in the long run are critical for iron and steel's carbon neutrality.