Green steel – produced using hydrogen and electricity from renewable en-ergy sources – provides both the means to decarbonize steel manufacturing,and a way to facilitate growth of the international hydrogen industry. Aus-tralia, with its abundant renewable resources and ample iron-ore deposits,is in an excellent position to participate in this opportunity. We highlightthe synergies between the Australian iron-ore industry and the production ofgreen-hydrogen from renewable energy sources. We identify high-potentialareas for green steel production by cross-referencing regions of current andfuture iron-ore extraction against areas of high economic potential for hy-drogen production. From these, we select two regions, the Pilbara regionof North-Western Australia and the Eyre Peninsula in South Australia, formore detailed case studies.The analysis highlights the advantages of well-optimised generation mix(in terms of wind, solar, battery, grid-connection and salt cavern storage, etc.)in decreasing storage requirements and the resulting production costs. Wealso demonstrate that green steel production costs could be reduced furtherif the system could use grid electricity to balance onsite renewable power byparticipating in the electricity spot market and operating flexibly.