The crisis at British Steel’s Scunthorpe steel works has prompted the UK government to intervene to keep blast furnaces operational. However, amidst the crisis lies an opportunity for the UK to modernize its steel industry and transition towards a low-emissions sector. The traditional reliance on blast furnaces for primary steel production can be replaced by technology like direct reduced iron (DRI) plants powered by gas or green hydrogen. While some argue that certain steel types necessitate iron produced from DRI, advancements in Electric Arc Furnaces (EAF) technology enable the production of high-quality steel materials previously exclusive to blast furnaces. The UK could potentially import green iron from countries like Sweden, Canada, and Australia, fostering a global trade in green iron and ensuring resource security. By leveraging EAFs and supplementing with green iron imports, the UK can establish a steel sector aligned with decarbonization efforts. This shift not only reduces carbon emissions but also decreases the dependency on coal-consuming blast furnaces. The UK's forthcoming steel strategy is crucial in guiding this transition towards a sustainable and competitive steel industry for the future.