Shift to green steel challenges future of Australian iron ore
Australia’s biggest miners know the iron ore they produce in the Pilbara is not well suited to low carbon steel. Solutions will cost tens of billions of dollars.
The iron-rich landscape of the Pilbara had just given the Australian mining industry another bumper set of profits and dividends when Rio Tinto provided a sobering outlook for the economy’s most lucrative export industry.
“An inevitable structural shift toward green steel is under way,” Rio said in the fine print of February’s full-year accounts.
Peter KerResources reporterPeter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
