Electric arc furnaces powered by renewable energy could be used to produce green steel in Australia. (Dean Lewins/AAP PHOTOS)Electric arc furnaces powered by renewable energy could be used to produce green steel in Australia. The findings come more than a year after the federal government launched a $1 billion Green Iron Investment Fund to support early projects and the Whyalla steelworks transformation, but also as large-scale green iron facilities failed to reach a final investment decision. 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.