Calls are increasing for Australia to start its shift towards green iron and steel, amidst rising global competition and advancing technologies. The Institute for Energy Economics and Financial Analysis (IEEFA) indicates Australia's current resources and mining setup do not favor a smooth transition to green steel. Green iron production demands higher-grade ore, while Australia primarily possesses lower-grade ores. To stay competitive, IEEFA proposes developing new magnetite mines or utilizing emerging technologies to process low to mid-grade ores. The Chamber of Minerals and Energy Western Australia (CME) explores the state's potential in decarbonizing steelmaking, projecting significant emission reductions and economic gains through green iron production. The Department of Industry, Science and Resources (DISR) also sees promise in Australia's green iron and steel capabilities. Various projects, including those by Fortescue, BlueScope Steel, BHP, and Rio Tinto, are in progress to advance green iron production using technologies like direct reduced iron (DRI) with electric arc furnaces (EAF). However, the time factor is critical, as both pathways require years of development. Establishing facilities for DRI feedstock may take up to a decade, emphasizing the importance of leveraging existing capacities. Despite the challenges, the industry is evolving, with projects like Lincoln Minerals' Green Iron Project in South Australia and proposed developments by companies like POSCO showcasing the country's potential in green iron and steel production.