POSCO to invest $40 billion in Australia in green steelmaking push

POSCO to invest $40 billion in Australia in green steelmaking push

South Korean steelmaker POSCO Group is planning to invest a total of $40 billion in Australia, with $28 billion being used for hydrogen manufacturing, and $12 billion going toward green steel production- in order to manufacture 1Mt of hydrogen by 2040.

POSCO 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 plans and potential for future sustainability projects between POSCO and the Australian government.

Choi commented: “We see Australia as the most important country in terms of investment for us to secure hydrogen which is essential for hydrogen steel manufacturing.”

Read more from Steel Times International

Date posted 06/12/22

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