A system and method for the simultaneous sequestration of CO2, production of hydrogen, and production of electricity at any iron and steel industries is described. In one illustrative example, the raw materials particularly used in a blast furnace can also be used for locking CO2 gas in the form of siderite. Siderite, thus formed, can be decomposed to generate pure CO2 gas. Eventually, the generated pure CO2 gas can be sequestered underground, sold or used for oil gas recovery or for other applications.