The financial challenges faced by the Whyalla steelworks in South Australia have sparked discussions about the future of Australia's steel industry. In response, the state and federal governments have pledged a significant $1.9 billion support package for Whyalla, accompanied by a $1 billion green iron investment fund. This investment aims to facilitate the transition of Whyalla's steel production to a greener model, aligning with global sustainability goals. The shift towards green steel production involves plans to replace coal-fired blast furnaces with electric arc furnaces, ideally powered by low-emission sources like solar energy and green hydrogen. While this move signifies a positive step towards reducing emissions in the steel sector, challenges remain, including the high cost and limited global adoption of green hydrogen. Australia's initiative to enhance domestic value-adding in steel production by utilizing local iron ore and coking coal reflects a strategic approach to retain profits within the country. However, this strategy poses risks, such as potential competition with international customers who may seek alternative sources for their steel needs. The debate surrounding the government's funding for the steel industry underscores the importance of ensuring transparency and efficiency in government spending, especially amid the approaching federal election season. Clarification is needed to differentiate the new funding initiatives from existing programs like Future Made in Australia or the National Reconstruction Fund to justify the allocation of resources towards bolstering sovereign capability and sustainability in the steel sector.