Greensteel Australia plans to build Australia's first fully electric steel mill in Newcastle, injecting an initial $500 million into the project. Located at the former BHP steelworks site, the plant aims to start operations by January 2028 and employ more than 200 workers.

The facility will utilize electric induction furnace technology powered by renewable energy to achieve zero direct carbon emissions. It will manufacture up to 600,000 tonnes of finished steel annually for domestic construction and energy sectors, reducing import reliance. The federal government supports the venture via its Future Made in Australia initiative.

Initially, the mill will process steel slabs from Southeast Asia. Chairman Ross Garnaut said that subsequent phases will expand into local clean iron production.