Australia to support new technologies for green steel industry

The Australian government has announced the allocation of A$750 million to support the development of new technologies for the steel sector. This is stated in a press release.

The investment is aimed at helping the country’s metal producers remain competitive in the global market while reducing emissions.

As noted, Australia is already valued for its alumina, aluminum, iron, and steel. This funding should add value to Australia’s high-grade metals exports, which are worth more than A$150 billion annually.

The funding is part of the A$1.7 billion Future Made in Australia innovation fund announced in the budget for the 2024/2025 financial year (ending in June 2025).

As noted, the fund will support the development of the latest technologies, as well as fund pilot and demonstration projects that can reduce emissions, increase productivity, and upgrade equipment.

“It will have the potential to unlock the industrial production of green metals using Australian ores and renewable resources, opening the door to greater trade opportunities, more jobs, greater value addition and lower emissions,” the statement said.

Funding will be provided independently through the Australian Renewable Energy Agency (ARENA).

The latest initiative is part of more than A$5 billion allocated for the development of the country’s steel industry.

In February, the Australian government announced that it was launching a new investment fund, Green Iron, worth A$1 billion ($636 million). This is a way of consolidating the country’s position as a major producer of green iron.

As GMK Center reported earlier, Australia is providing a $1.5 billion aid package to Gupta’s Wyalla steel mill. The announcement of the aid comes after the plant was placed under temporary administration.