Steelmakers around the world are focusing on ways to reduce their significant carbon emissions in response to growing investor pressure and the implications of the EU’s carbon border adjustment mechanism (CBAM), which looks likely to be replicated globally. The industry will need to shift away from fossil fuels towards alternative ways to reduce iron ore. Direct reduced iron (DRI)-based steelmaking using green hydrogen is the most promising near-term alternative. With excellent renewable energy resources available to produce green hydrogen relatively cheaply, there is growing interest in Australia’s potential to process its iron ores into “green iron” onshore for export to steelmakers seeking emissions reductions.

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