An interesting concept.
I think the estimated cost is low by several multiples and while I would love to see it happen I doubt that it will get off the ground.
Currently there are several interesting alternative steel production strategies being developed.
If successful the production of steel will no longer require coke ovens and blast furnaces as the ore will be reduced to a sponge iron in a process involving Hydrogen evolved from coal but not necessarily coking coal and the steel will be produced in an electric furnace.
Currently a bit pie in the sky.
But several prototypes are being tested.
Iron ore price, page-26983
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