I think making pure iron by electrolysis has a very exciting future. Read the following link. So far Boston metals has produced 1 ton of iron using this process and BHP has invested $10 million in this company, with Vale also investing. We have the cheap electricity to make this work, its somewhat similar to the process of producing Aluminium.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiftMjpr8byAhXLfn0KHYPPAJUQFnoECBUQAw&url=https%3A%2F%2Fwww.worldsteel.org%2Fen%2Fdam%2Fjcr%3A5684bdc7-921b-4492-9726-c6a7f90f94d0%2FElectrolysis_vf.pdf&usg=AOvVaw0XINA26Dp7fKM-2k7X862P
ANDREW SHOULD AUSTRALIA BE A SUPER STEEL PRODUCER?, page-50
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