The steel industry is at a critical juncture as the world moves towards a net zero future, necessitating a drastic reduction in emissions to align with global climate goals. Key players in the industry are already taking steps towards decarbonization, with leading automakers and iron ore miners investing in near zero emissions steel and green iron products. The shift towards green steel production requires a focus on increasing efficiency, utilizing scrap, and scaling up breakthrough technologies like hydrogen-based direct reduced iron production. However, the transition faces financial and regulatory challenges, including significant investments, policy uncertainty, and the need for globally relevant standards. Coordinated efforts are essential to define and measure green steel, address trade disputes, and prevent carbon leakage. The role of the World Trade Organisation (WTO) emerges as crucial in providing a risk management and cost reduction mechanism for investors navigating the complexities of sustainable steel production in a rapidly evolving global landscape.