As 2024 came to a close, Australia's reliance on iron ore and metallurgical coal exports faced a turbulent future. The declining steel demand in China, a major importer, has led to a forecasted drop in earnings from these traditional exports. However, the approval of new metallurgical coal projects by the Australian government reflects a lack of feasible renewable alternatives for steel production. This decision has sparked discussions on the need for green steel technologies, particularly those utilizing green hydrogen. Amidst these developments, the International Energy Agency's coal report predicts a shrink in met coal imports, with Australia's exports expected to decline. Additionally, Australia's iron ore sector is set to experience a significant decline in export earnings due to falling prices and increasing global supply. The industry faces a long-term challenge in adapting to the shift towards higher quality, low-emissions steelmaking processes like direct reduced iron (DRI). While some projects like the NeoSmelt initiative in Australia target using gas for DRI processes, the global trend is moving towards green hydrogen for sustainable steel production. This transition puts pressure on traditional methods reliant on coal and gas. Companies like Fortescue and Vale are focusing on green hydrogen, while countries like Canada, Oman, and Sweden explore opportunities to produce green iron. The changing landscape of steelmaking technologies indicates a paradigm shift in the iron and coal sectors, necessitating a swift adaptation to remain competitive. Australia's future in the global steel market hinges on its ability to embrace green steel technologies and sustainable practices, aligning with the evolving demands of the industry.