South Korea’s POSCO Group is planning to invest US$40bn in Australia across hydrogen manufacturing and green steel and aims to manufacture 1m tonnes of hydrogen by 2040.
The commitment follows a recent meeting between POSCO Group CEO Jeong-woo Choi and Anthony Albanese, Prime Minister of Australia, at Parliament House in Canberra. The majority of the investment (US$28bn) is earmarked for renewable energy and water electrolysis, with US$12bn allocated to green steel production.
CEO Choi said the group has declared carbon neutrality by 2050, in response to climate change, and has been concentrating efforts in developing hydrogen reduction iron and steel making to emit water instead of carbon dioxide (CO2).
He said, “We see Australia as the most important country in terms of investment for us to secure hydrogen which is essential for hydrogen steel manufacturing. 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.”
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