The iron and steel industry, a major contributor to global emissions, is facing challenges in decarbonization progress, particularly in the Asia-Pacific region. Government support is crucial for capital flows into decarbonization efforts, as seen in Australia's Future Made in Australia policy aiming to kickstart green iron and steel production. Australia has the opportunity to accelerate its ambition in low- and zero-emissions steel value chains by investing in electric arc furnaces and supporting renewable energy capacity. Coordinating a strategy for decarbonizing the steel industry and mobilizing private capital is essential for driving emissions reduction and safeguarding downstream jobs in a decarbonizing economy.