Posted on 16 Dec 2020
POSCO has agreed with Fortescue Metal Group (FMG) of Australia to cooperate in the green hydrogen business.
POSCO chairman Choi Jeong-woo met with Andrew Forrest, chairman of FMG, the world’s fourth largest iron ore company at the POSCO Center in Seoul on Dec. 14. FMG declared carbon neutrality in 2040 and is promoting hydrogen production using renewable energy sources.
POSCO and FMG will first participate in a green hydrogen production project that FMG is promoting in Australia, and jointly look for additional projects.
The two sides also agreed to use POSCO's premium steel products such as PosMAC in building eco-friendly power generation facilities for FMG's green hydrogen production. POSCO imports iron ore from FMG to produce steel products, which will in turn be used for FMG's solar power generation facilities for hydrogen production. The two sides shared the view that this type of cooperation is a sustainable business model in a carbon-neutral era.
The partnership with FMG is POSCO's first step towards creating a hydrogen business. It recently declared carbon neutrality in 2050 and disclosed a plan to expand its hydrogen production to five million tons per year.
Source:Business Korea
