Industry News

POSCO signs MoU with Australia’s Roy Hill for hydrogen-based steelmaking development2021-08-03

South Korea’s steel giant POSCO has signed an online memorandum of understanding (MoU) with the Australian iron ore mining company Roy Hill to jointly develop hydrogen-based steelmaking processes, aiming to reduce carbon emissions in mining and steel fields and thereby achieving carbon neutrality.

POSCO invested 1.3 trillion won to acquire a 12.5% stake in Roy Hill in 2010. Roy Hill produces 60 million tons of iron ore in the Pilbara region of Western Australia yearly, and 16 million tons of which are provided to POSCO for steelmaking.