This article attempts to bridge the gap between the concepts of Industrial Symbioses (IS) and Industrial Convergence (IC) by arguing that the two concepts can jointly help to understand the role of industrial structures and value chains that embody transformation processes through which technologies evolve in response to transformation pressure. On one hand, IS with a focus on inter-firm collaborations and resource exchange has become a useful framework to understand and capture the mechanisms that foster sustainable industrial and technological development, while on the other hand IC has been used to analyze technological development that blurs traditional borders between firms in terms of innovations and business development. However, although interrelated the two concepts have been discussed separately. This paper is using the HYBRIT initiative as an illustrative case of a climate change mitigation and as such a “flagship” project in Sweden in an effort to replace the traditional blast furnace technology as the core unit processing technology in steelmaking. It is advocated that whilst many aspects of the conceptual models of IS and IC appear to be congruent with the on-going HYBRIT eco-industrial transformation process, the overall impression is that in future eco-industrial transformations, it could be of interest to develop and deploy a more specific transformation model adapted and capturing unique process-industrial conditions for product and process innovation.