The article discusses the significant challenge of decarbonizing the steel industry, a crucial step in achieving global climate goals. The steel value chain, responsible for a substantial portion of global carbon emissions, particularly struggles with emissions from the iron ore to steel production process, heavily reliant on coal. However, available technologies offer hope by significantly reducing carbon intensity. The transition to producing 'green iron' using hydrogen from renewable sources like solar and wind presents a tremendous opportunity, potentially tripling Australia's iron ore export value. Despite the economic potential, the shift requires massive capital investments, cheap green energy, and coordinated government regulations globally. Establishing a new industry with higher production costs poses challenges in aligning stakeholders and ensuring investor certainty. Commitments from steel mills to adopt electric arc furnaces, investments in Australian green iron plants, and partnerships for green hydrogen production are critical for kickstarting this transformation. The article emphasizes the need for carbon taxes or subsidies to incentivize the steel sector to switch to low-emissions production methods. While some Asian countries are introducing such measures, a coordinated regional framework is lacking. The author points out that although the technology and willingness to transition exist, aligning all parties and overcoming obstacles are crucial steps. The metaphor of the 'green iron dream' as a snowball at the top of a mountain highlights the need for initial momentum to drive the transition, with the potential of transforming into an 'avalanche' of change. Overall, the article presents a positive outlook on the profitability and potential environmental impact of decarbonizing the steel industry in Australia and globally.