Green Steel Resources
Western Australia’s Green Steel Opportunity Report
Western Australia has played a central role in the growth of the global steel industry for over 60 years. Global demand for finished steel products is expected to remain robust, albeit without the same levels of compound growth experienced over the past 20 years.
However, steelmaking is a very energy intense process resulting in the global steel industry being one of the largest carbon emitters in the world. As an important customer to Western Australia, it is important to understand the significant challenges steelmakers are facing to reduce emissions in their operations.
Technologies are emerging which can, and will, begin to reduce the energy and emissions intensity of steelmaking. Overtime there will be multiple pathways to achieve net zero emissions steelmaking.
The Western Australian Green Steel Opportunity report seeks to answer the question, what is needed for Western Australia to competitively deliver across the various stages of the green steel value chain?
Part I: Setting the Scene
Presents a detailed examination of the global steel industry and implications for Western Australia.
Green steel value chain model
A value chain model has been constructed to analyse opportunities and key obstacles to a formation of a Western Australian green steel industry. Its main goal is to understand the capital requirements, costs and emissions for expanding beyond the business as usual iron ore mining and switching from fossil fuels to renewable energy sources.
The model created for the analysis in the Western Australia’s Green Steel Opportunity Report maps the value chain of steel production in ten distinct blocks representing separate stages of the production process.
Using the model, comparisons can be drawn between fossil fuels-driven processes and existing whole-value chain costs and emissions for steel.
An interactive version of the value chain model will soon be made available here.
Page was last reviewed 27 June 2023