For a bloke whose core skill seems to be convincing governments to help subsidise his businesses, British billionaire Sanjeev Gupta has found fertile ground in the decarbonisation megatrend.

But cynicism aside, Gupta’s vow to spend almost $500 million on a new electric arc furnace (EAF) at Whyalla, South Australia, looks like a credible step toward converting the rust belt asset over to a future in green steel.