The global steel industry is undergoing a transformative phase in its effort to decarbonize and achieve cost competitiveness while prioritizing environmental sustainability. The shift towards green steel production is gaining momentum, with a focus on technologies like hydrogen-based iron briquettes (HBI) to reduce carbon emissions. Major players such as Vale and Green Steel are investing substantial amounts in building green briquette megahubs and hydrogen-powered facilities to support the production of green steel. However, the economic viability of green HBI is challenged by the higher cost of green hydrogen production, posing a hurdle to its widespread adoption. Despite this, supportive government policies worldwide, particularly in the European Union, are narrowing the price gap between green and traditional steel production methods. Geographical advantages, such as regions with abundant renewable energy sources, further contribute to cost-effectiveness in green hydrogen production. Challenges remain, including the need to reduce production costs, enhance hydrogen transportation infrastructure, and develop innovative technologies. The growing demand for low-carbon steel and the regulatory pressure to reduce carbon emissions are driving the industry towards embracing green HBI as a crucial element in the future of cleaner steel production.