It will be great if the pilot plant works.
Already Direct Reduction steel making has been in existence for many years which is a "half way House" but AFAIR it depends on significant amounts of scrap steel to be included in the second process where the sponge iron is converted to steel.
BHP were also involved in building a Hot Briquetted Iron (HBI) plant in the Pilbara which was the design of the CSIRO , but it didn't work on a large scale.
Regards PhilipA
$2.4b Port Hedland BHP plant to be demolished - ABC News
Ouch!