Steelmakers in China, Japan and South Korea have long relied on fossil fuels such as coal to produce steel from blast furnaces, causing emissions of about 7 per cent of the world's greenhouse gases in 2020.
Researchers and steelmakers are exploring new ways to produce steel without coal. If the transition to green steel is accelerated, Australia, the world's largest exporter of Iron Ore, is expected to be left behind and coal exporters are expected to lose revenue.
Australia is sourcing high purity ore to make the transition to green steel. The country needs a national strategy and a good plan for the iron and steel supply chain to gradually phase out fossil fuels from suppliers, finance, consumers, industries and harmonise them for future-proof Iron Ore production.
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