green steel depends on multiple technological breakthroughs

However green steel depends on multiple technological breakthroughs before it becomes a commercial prospect and Mr Pitt rejected Dr Forrest’s claims that coal’s demise would be swifter then expected.

The government is not having a bar of it and offered only lukewarm support for Dr Forrest’s plans to see Australia become a steel-making hub using its iron ore and technologies that exclude coal.

Dr Forrest said Fortescue, which ships almost all its iron ore to customers in China, would start building Australia’s first green steel pilot plant this year and a commercial-scale plant within the next few years.

Dr Forrest revealed the Fortescue steel-making plans in the first instalment of the Boyer lecture series for the ABC, pre-recorded and due to go to air on Saturday.

Fortescue published his full speech on the ASX after Dr Forrest said the company had made a net profit after tax of more than $US940 million ($1.21 billion) in December, a result fuelled by high iron ore prices.

"It [Fortescue] has a market capitalisation of less than $US60 billion but it made a net profit after tax of over $US940 million just last month," he said in the speech.