Unlocking Asia-Pacific as a First Mover 2025

Green iron projects announced in Australia since 2022 TABLE 1 Notes: EAF = electric ar c furnace, ESF = electric smelting fur nace, FEED = fr ont-end engineering design, FID = final investment decision, ARENA = Australian Renewable Energy Agency . Sour ce: BCG, 2025. Non-exhaustive Company/Consortium Whyalla steelworks (under administration)Eyre Peninsula, SA H2-DRI (1.8 Mt) and EAF as part of AU$2.4 bn transition package; AU$500 m earmarked from the Gr een Ir on Fund ;5202 detegrat DIF ;DEEF AU$2.4 bn state–federal package Greensteel of W A Collie, W A450 kt low-emissions r ebar using locally sour ced scrapFEED completed; r eceived regulatory appr ovals; construction in 2025; early operations planned in 2027 BlueScope + BHP + Rio T into, NeoSmeltKwinana, W A Pilot ESF fed with H2-DRI pelletsWA grant AU$75 m and ARENA AU$19.8 m FEED; FID 2026 POSCO, Port Hedland HBI Port Hedland, W A 2 Mt HBI plant and pellet plantReceived state envir onmental approval in August 2025 Fortescue, Ir on Bridge Pilbara, W ADR-grade magnetite mine/ concentratorCapex AU$5.9 bn; expects to ship 10–12 Mt by FY26, nameplate capacity of 22 Mt reached by FY28 Fortescue, Gr een Ir on Metal Pilbara, W AHematite-based gr een ir on; H2 reduction + ESF , demo designed for 1,500 t/y lacinhcet ,yawrednu elacs-baL demo plant pr ogressing, partly solar -power ed, fully renewable by 2030 Calix, Zesty Bacchus Marsh, V ictoriaPilot of zer o-emission steel tech using Australian or es elbixefl sdeen ;gninnur toliP electricity & gr een H2, data on capacity/timing n.a. Progressive Gr een Solutions Geraldton, W AGreen ir on plant targeting 7 Mtpa gr een ir on + 2.5 Mtpa green H2In development, phase-1 target 2029 Electra USA - Boulder , Colorado Electr owinning (non-DRI, non-H2) process able to use or es incl. <55% Fe. Using Australian or es. rednu tnalp noitartsnomeD construction, data on capacity/ timing n.a.Location Project Status Climate change legislation and industrial strategy Under Prime Minister Albanese’s government, Australia has significantly upgraded its climate- related legislation and sector transition strategies. In September 2025, the government announced its latest Net Zero Plan, with a new target to reduce emissions to 62-70% below 2005 levels by 2035. This represents a significant step up from its previous 2030 target to reduce emissions by 43%.38The strategy includes six sector emissions reduction plans for electricity and energy, agriculture and land, the built environment, industry, resources and transport. The government’s target in the energy sector is to reach 82% of renewable electricity generation by 2030. Meanwhile, its industry sector plan highlights the significant opportunities to kickstart new industries in green iron and green hydrogen.392.2 Federal and state policies and strategies supporting green industrial transformation Federal policies, incentives and agencies Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 17