The steel industry is making significant strides towards carbon neutrality through the development of hydrogen-based and electric ironmaking technologies. Major players in the industry are investing in novel processes to address the emission-intensive blast furnaces, focusing on hydrogen and electric ironmaking as key strategies for sustainable steel production. Forecasts indicate that hydrogen-based green steel production is expected to reach 46 million tonnes by 2035. The transition to green steel is primarily driven by hydrogen-based Direct Reduced Iron (DRI) processes like H2-DRI, which are gaining prominence in projects across Europe, the Middle East, the US, and China. However, the widespread adoption of low-carbon hydrogen faces challenges related to cost and infrastructure. Alternative technologies, such as fluidized bed DRI reactors and hydrogen smelting plasma reduction, are also being explored to enhance green steel production. While these approaches offer advantages like using low-grade iron ore fines and reducing the need for separate electric arc furnaces, they are still in the early stages of commercial scale-up. Innovative electric ironmaking technologies, like molten oxide electrolysis and electrowinning, are being developed to eliminate the need for hydrogen as a reducing agent. Companies like Boston Metal and Electra are at the forefront of these advancements, aiming to revolutionize steel production by integrating with existing steel mills. Overall, the steel industry's journey towards sustainability is marked by a shift towards hydrogen and electric ironmaking technologies, offering promising solutions for a greener future despite economic challenges and the need for further infrastructure development.