IEEFA warns that South Australia’s gas‑backed plan for Whyalla steelworks risks losing the global green steel race. Gas‑based Direct Reduced Iron emits 1.7 tonnes of CO₂ per tonne, versus 0.1 tonne for green hydrogen. Hydrogen steel already secures 20%‑30% price premiums, while gas steel stays a commodity. The state’s high renewable energy resources and high‑grade magnetite ore could create a world‑leading green iron hub, but locking into fossil gas creates stranded‑asset risk. A phased transition toward green hydrogen by the 2030s is essential.