<p>Major industrial nations, including Australia, have committed to achieving net-zero carbon emissions by 2050. This commitment significantly impacts both the Australian steel industry and its associated ferrous minerals sector, given their exposure to dynamic global markets. Currently, steel is predominately produced via the blast furnace–basic oxygen furnace (BF-BOF) route, which faces substantial challenges in aligning with net-zero targets using existing or emerging technologies. This paper covers a two-part investigation. The first involved a review of decarbonization technologies available, so as to identify current technological gaps and challenges along the transition path toward low-carbon steel production. Following this part, the second focuses on an initial investigation of the electric smelting furnace (ESF)—a key ironmaking reactor in a proposed, low-carbon pathway for steelmaking. As electric smelting furnaces for ironmaking remain under development, our modeling framework describing fluid flow, thermal, and electromagnetic behavior is evaluated using a nickel-matte electric smelting furnace and associated plant data. The review highlights significant challenges and uncertainties across decarbonization technologies, particularly in terms of scale-up, energy requirements, and raw materials availability—importantly, most remain under development. Initial numerical modeling results of the electric smelting furnace show that electromagnetic forces can affect flow patterns and heat loss in the matte layer, while their influence on the slag layer is limited. The future adaptation of the electric smelting furnace for ironmaking will need to address critical aspects including electromagnetic–fluid coupling, slag–metal interactions, and overall energy efficiency.</p> Graphical Abstract <p></p>