A joint study conducted by the Port of Rotterdam and Monash University in Melbourne, Australia, has shown that the state of South Australia is advantageous in terms of leading decarbonization in global steelmaking.
Accordingly, the state has large-scale magnetite reserves, which are utilized in green iron and steel production, higher renewable energy generation and government investments in green hydrogen, energy and mineral resources. These, along with its established power network and ports, put South Australia in a stronger position to have a major role in decarbonizing global steel production.
Taking these matters into consideration, in June this year the state government will start requesting expressions of interest from companies to explore the opportunities of developing a hydrogen-based direct reduction iron (DRI) plant in South Australia before the end of the decade.
DRI production can reduce carbon emissions by up to 85 percent.