Green iron and steel in a deep freeze

Monday 10 November 2025

IEEFA wants Albo to waste another $1bn on green iron.

As Australia pours $1 billion into its Green Iron Investment Fund, it can learn important lessons from the US and EU, where several low-emissions steel projects backed by capital grants were subsequently cancelled or delayed.

Projects with a “gas first, green hydrogen later” approach struggled, while those focused instead on locations with sufficient clean firm power were more successful.</em

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.