Guidelines released for $500 million in grants through Green Iron Investment Fund

Guidelines are now available for the National Development Stream of the Green Iron Investment Fund, which represents half of available funding through the $1 billion Green Iron Investment Fund announced shortly after the collapse of the Whyalla Steelworks in February.

The release gives those hoping to access the $500 million National Development Stream of the Green Iron Investment Fund “a head start to prepare their applications”, said the federal department of industry in an update on Monday.

According to guidelines at business.gov.au, grants can cover up to 25 per cent of a project's capital works, and the remainder must be funded by the owner or via other sources. (More information is available here.)

Actual applications can be submitted between October 28 this year and January 16, 2026. Projects must be completed and ready to produce green iron at a commercial scale by March 31, 2031.

The program aims “to support the growth of an Australian green iron industry” and was pitched by former industry minister Ed Husic and prime minister Anothony Albanese at its announcement as a boost to “green iron manufacturing and supply chains by supporting early mover green iron projects”.

The update on Monday claimed a strategic opportunity existed to build a green iron and steel industry, potentially adding “$96 billion annually to Australia’s export revenue by 2040, according to a 2023 Accenture report.”

A further $500 million through the Green Iron Investment Fund is available to assist the buyer of the Whyalla Steelworks to establish a green iron facility.

The steelworks was forced into administration in February, with KordaMentha appointed as administrators.

KordaMentha and sales advisor 333 Capital are handling the sales process, which began on June 24.

Picture: X/DISR

Further reading

First phase of Whyalla steelworks sale passes

Despite short term challenges, Whyalla has a green steel future – by Sanjeev Gupta

Australia won’t have ‘green steel’ to itself. Africa is poised to become a global hub

S.A. Gov pushes Whyalla steelworks to administration, aims to take control

Premier Malinauskas urges GFG’s Gupta to address financial obligations amid concerns for Whyalla steelworks

Green iron production could boost Australia’s economy by up to $295 billion annually: new report

$1 billion Green Iron Fund announced, with half earmarked for Whyalla Steelworks

The promise of green iron, steel and ammonia is keeping the green hydrogen dream alive