How can WA support the ambitions of the global green steel industry?

The Challenge

Green Steel – the question is not ‘is it possible’, but rather ‘how to make it possible’.

This MRIWA Focus Area aims to map the pathway to enable Western Australia to maximise use of its magnetite and hematite iron ore resources and emerging hydrogen and renewable energy potential to support the global green steel ambitions, creating new markets and industries for this state.

Context

Western Australia accounts for 38% of the global supply of iron ore and is the leading Australian state in iron ore production – 934 million tonnes (mt) in 2022 – according to the Australian Government’s Office of the Chief Economist. Brazil, our major competitor, accounted for only 17% of the global supply.

The iron ore industry is the State’s largest and most important industry, providing direct and indirect economic and social contributions which are greater than any other industry to the State. It’s contribution is also significant to the national economy.

It is for this reason we must understand the future market dynamics of the steel industry to ensure forward planning and how to ensure the longevity of the iron ore industry in Western Australia.
With the steel industry generating more than 7% of global carbon emissions, there is a significant focus on the development of green steel technology.

Western Australian iron ore will have a key role to support the steel industry decarbonise.