Reducing emissions from the iron and steel industry is essential to achieve the Paris climate goals. A new system to reduce the carbon footprint of steel production is proposed in this article by coupling hydrogen direct reduction of iron ore (H-DRI) and natural gas pyrolysis on liquid metal surface inside a bubble column reactor. If grid electricity from EU is used, the emissions would be 435 kg CO2/tls without considering methane leakage from the extraction, storage and transport of natural gas. Solid carbon, produced as a by-product of natural gas decomposition, finds applications in many industrial sectors, including as a replacement for coal in coke ovens. Specific energy consumption (SEC) of the proposed system is approximately 6.3 MWh per ton of liquid steel(tls). It is higher than other competing technologies, 3.48 MWh/tls for water electrolysis based DRI, and, 4.3-4.5 MWh/tls for natural gas based DRI and blast furnace-basic oxygen furnace (BF-BOF) respectively. Utilization of large quantities of natural gas, where the carbon remains unused, is the major reason for high SEC. Preliminary analysis of the system revealed that it has the potential to compete with existing technologies to produce CO2 free steel, if renewable electricity is used. Further studies on the kinetics of the bubble column reactor, H-DRI shaft furnace, design and sizing of components, along with building of industrial prototypes are required to improve the understanding of the system performance.