Australia must act urgently to build a domestic green steel industry or could risk losing its $120 billion iron ore export market, a report has found. It found making green steel was the second-largest decarbonisation opportunity in the world and one in which Australia, as the world’s largest iron ore exporter, could play a major role. Green iron production had stalled due to difficulties producing hydrogen, the report found, but electric arc furnaces powered by renewable energy could be used to produce green steel in Australia. The technology presented a commercially proven, low-risk method of green steel production that could be built within a year at facilities in Western Australia, South Australia and Queensland. Removing emissions from steel could help secure the future of Australian iron ore exports and create new jobs, Climate Energy Finance director Tim Buckley said.