Australia risks losing top spot in global steel supply chain, Fortescue says

That means that as steel makers decarbonise by reducing coal use, they are turning elsewhere for iron-ore, which could hit Australia's top export earner following the pain suffered in its nickel industry, Otranto told the IMARC conference in Sydney.

Competition is revving up on growing investment in green steel projects in the Middle East, that are not using Australian iron-ore, while Guinea's giant Simandou iron-ore mine is set to start up next year, he said.