Gold Sponsor POSCO and Australia’s PM Discuss $40 Billion Eco-friendly Projects
POSCO Group will invest a total of $40 billion with local partners in Australia by 2040, the company announced on the 1st of December.
The investment comes as Chairman Choi Jeong-woo met with Australian Prime Minister Anthony Albanese at the Houses of Parliament in Canberra, the capital of Australia, “We see Australia as the most important country for investment to secure hydrogen, which is essential for hydrogen reduction steelmaking,” Choi said.
POSCO Group is working hard to develop hydrogen reduction steel that emits water instead of carbon dioxide during production to achieve carbon neutrality by 2050. POSCO Group plans to produce green hydrogen based on competitive large-scale renewable energy sources such as solar and wind power in Australia, and use it to produce hot briquetted iron (HBI), a raw material processed from iron ore.
Read more here.
