POSCO Group CEO Jeong-woo Choi met with the Prime Minister of Australia, Anthony Albanese, at the Parliament House in Canberra, the capital of Australia, to discuss the cooperation for future eco-friendly projects between the POSCO Group and the government of Australia.
CEO Choi stated, “The POSCO Group has declared carbon neutrality by 2050 in response to climate change and we have been concentrating our efforts on developing hydrogen reduction iron and steel making to emit water instead of carbon dioxide” and emphasized, “We see Australia as the most important country in terms of investment for us to secure hydrogen which is essential for hydrogen steel manufacturing.” He also stated, “We plan to increase our investments in not only raw material for steel making but also across various fields in Australia including renewable energy, hydrogen, and green steel.”
To achieve this vision, the POSCO Group is planning to invest a total of USD 40bn in Australia with USD 28bn in hydrogen manufacturing (renewable energy and water electrolysis) and USD 12bn in green steel with its local partners to manufacture 1 million tons of hydrogen in Australia by 2040.
Prime Minster Albanese stated, “The business and investment plans of the POSCO Group in Australia are consistent with the direction of the policies being promoted by the government of Australia” and added, “We will actively cooperate with POSCO Group’s eco-friendly material businesses for the future.”