This document describes a novel Flash Ironmaking Technology (FIT) that uses hydrogen or natural gas to directly reduce iron ore into iron without the need for coke production, pelletization, or sintering. FIT is based on proven flash smelting technology and can reduce iron ore concentrates into iron in 2-7 seconds at high temperatures. FIT offers significantly lower carbon dioxide emissions and energy usage compared to traditional blast furnace ironmaking. Economic modeling indicates FIT can be cost competitive and even profitable with carbon credits or at large commercial scales. FIT could enable huge reductions in global carbon emissions from steel production and create vast new demand for hydrogen.