Posted on 30 Mar 2022
South Korean steelmaker Posco has signed an agreement with its Australian partner Hancock Group to conduct a feasibility study on Hot Briquetted Iron (HBI) production in Australia, Kallanish learns from Posco's official newsletter.
The two companies will jointly study the low-carbon steel raw material production project using hydrogen as a reducing agent for HBI production. Investments include building the hydrogen production facilities, and using Australia's renewable energy to directly produce hydrogen, which will reduce carbon emissions. Willingness to cooperate on the project was raised as early as last year. Posco's subsidiary Posco International recently joined with Hancock to acquire Australian natural gas producer and developer Senex Energy.
In addition, Posco will develop iron mining in Australia with Hancock to ensure the stable supply of high-quality iron ore. The two companies jointly owned the Roy Hill iron ore project and will develop the Hardey iron ore project in Australia.
Posco announced its long-term carbon neutrality goal by 2050. Compared to the level in 2020, the company will reduce carbon emissions by 20% before 2030, 50% before 2040 and 100% before 2050. It has created a new committee to act as a control tower to oversee the carbon neutrality efforts of various subsidiaries and make timely decisions based on its goal of becoming carbon neutral by 2050, according its official newsletter on Tuesday.
Source:Kallanish
