The Institute for Energy Economics and Financial Analysis (IEEFA) stated that the Middle East and North Africa (MENA) region has the potential to become a leader in the global transition to green steel, benefiting from competitive advantages in renewable energy, green hydrogen, and steel production.

The IEEFA said that the MENA region's strengths include gas-powered direct reduced iron production, access to feedstocks such as direct reduced-grade pellets and fossil gas, cheap renewable energy, and increasing investments in hydrogen, positioning it as a significant contender in the global green transition.

The MENA region should seize this opportunity by appropriately supplying green steel to major markets such as Europe and Asia.