Australia's long-standing dependence on iron ore exports, contributing significantly to the economy, is facing challenges as environmental concerns and global market shifts come into play. The iron-driven economy is being phased out due to its high carbon footprint and decreasing demand in the shift towards low-emission steel production. This transition presents an opportunity for Australia to embrace green energy and position itself as a global leader in hydrogen-based steel production. The decline in traditional manufacturing industries has prompted the need for innovation and investment in sustainable practices. Initiatives like the Green Metals Advisory Panel and collaborations between companies like Rio Tinto, BHP, and BlueScope signify a shift towards a greener and more economically viable future. By leveraging its renewable resources and high-quality iron ore reserves, Australia aims to not only sustain but enhance its economic growth, job opportunities, and environmental sustainability. The path ahead involves significant investments in technological advancements, such as electric-arc smelting furnaces and low-carbon iron-making technologies. Through these efforts, Australia seeks to secure its position in the global market by offering clean and high-quality steel products, ultimately contributing to a more sustainable and prosperous economy.