Recent revisions in global steel demand projections and the winding down of China's construction boom are reshaping the future of steelmaking technologies and investments. Australia is positioned favorably in this changing landscape due to its vast iron ore reserves and renewable energy potential. While hydrogen-based direct reduction of iron (DRI) was once heralded as the future of green steel, economic challenges have hindered its widespread adoption. Instead, three different steelmaking pathways are highlighted for Australia, none of which are hydrogen-based. Molten Oxide Electrolysis (MOE) stands out in renewable-rich zones, offering a cost-effective and environmentally friendly approach to steel production. Flash ironmaking, utilizing natural gas and carbon capture, provides an economically viable alternative in regions with suitable geology. Additionally, electrified biomethane-based DRI, combined with carbon capture and sequestration, presents a pathway for negative emissions in areas with abundant waste biomass. These diverse pathways showcase Australia's potential to achieve zero-carbon steel production through innovative and region-specific solutions.