The Institute of Energy Economic and Financial Analysis (IEEFA) has released a report emphasizing the potential for Australia to leverage green hydrogen for onshore green iron production. The global steel industry is under pressure to reduce GHG emissions, prompting a shift towards hydrogen-based direct reduced iron (DRI) as an alternative to fossil fuels in ironmaking. Australia's abundant renewable energy resources make green hydrogen production cost-effective, leading to interest in processing iron ore into 'green iron' domestically for export. The government's Future Made in Australia initiative includes incentives for green hydrogen production and funding for green hydrogen projects in the ironmaking sector. While the Future Gas Strategy acknowledges gas as a key energy element for Australia, green iron production using green hydrogen presents a low-carbon alternative. The report points out the divergent paths presented by these strategies and stresses the need for Australia to move quickly to establish itself as a global green iron leader. Green iron projects are already underway in Queensland, South Australia, and Western Australia, with investments in green iron facilities and DRI plants. International car manufacturers are showing interest in green steel made with green hydrogen due to its minimal emissions. The report highlights the potential risks associated with continuing to produce steel with gas and the increasing consumer demand for fossil fuel-free supply chains. As the definitions of 'green iron' and 'green steel' are expected to tighten, the importance of transitioning to low-carbon steel production methods becomes more evident. Australia's advancements in green iron projects and commitment to leveraging green hydrogen position the country to lead in the global steel industry's sustainable transition.