The Research Fund for Coal and Steel (RFCS) was established in 2002 to contribute to the competitiveness of the European Coal and Steel sectors by supporting collaborative research, pilot and demonstration projects. A Monitoring and Assessment exercise of the RFCS programme covering the period 2003–2011 was carried out by an Expert Committee comprising four coal and six steel experts appointed by the European Commission. The assessment exercise involved the analysis of the 198 projects completed during this period, with special emphasis on the benefits for beneficiaries, Sectors and Society. Based on actual fact and figures provided by the project partners, it was established that 1 euro spent in the project budget delivered a benefit of about 2 euros for the project partners. Extrapolated at the level of the coal and steel sectors with very conservative assumptions, the potential benefit of the projects was estimated at about 700 M€/year. To capture this potential benefit, additional efforts and budget must be spent at the company level for implementing the relevant technological solutions.