- CEO Jeong-woo Choi stated, "Australia is the most important country in
future eco-friendly projects involving raw materials to produce
steel, renewable energy, hydrogen and green steel to achieve carbon
neutrality by 2050."
- USD 40 billion to be invested
with partners by 2040 with USD 28
billion invested in hydrogen manufacturing and USD 12 billion invested in green steel.
- Prime Minister Anthony
Albanese stated, "We will cooperate with the promotion of
future eco-friendly projects by POSCO Group"
SEOUL, South Korea,
Dec. 2, 2022 /PRNewswire/ -- On
December 1, POSCO Group 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 the
cooperation for future eco-friendly projects between the POSCO
Group and the government of Australia.
This meeting took place for CEO Jeong-woo Choi to directly
explain the current state of businesses and future investment plans
of the POSCO Group in Australia to
the prime minister to establish a cooperative relationship.
CEO Choi has also previously attended the 43rd
Australia-Korea Business Council meeting held in Sydney on October
30 as the chairperson for Korea.
CEO Choi stated, "The POSCO Group has declared carbon
neutrality by 2050 in response to climate change and we have been
concentrating our efforts in developing hydrogen reduction iron and
steel making to emit water instead of carbon dioxide" and
emphasized, "We see Australia as
the most important country in terms of investment for us to secure
hydrogen which is essential for hydrogen steel manufacturing." He
also stated, "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."
Specifically, the POSCO Group is planning to manufacture green
hydrogen based on large-scale and competitive renewable energy
sources such as sunlight and wind power and using this green
hydrogen to manufacture hot briquetted iron (HBI).
To achieve this vision, the POSCO Group is planning to invest a
total of USD 40 billion in
Australia with USD 28 billion in hydrogen manufacturing
(renewable energy and water electrolysis) and USD 12 billion in green steel with its local
partners to manufacture 1 million tons of hydrogen in Australia by 2040.
Prime Minster Albanese stated, "The business and investment
plans of the POSCO Group in Australia are consistent with the direction of
the policies being promoted by the government of Australia" and added, "We will actively
cooperate with POSCO Group's eco-friendly material businesses for
the future."
CEO Choi has requested Prime Minister Albanese to visit Korea
and POSCO to further accelerate the business cooperation between
Korea and Australia, and Prime
Minister Albanese responded, "I will visit POSCO during my
scheduled visit to Korea next year" and continued, "I would also
really like to visit the joint venture between an Australian
company and POSCO Holdings, POSCO-Pilbara Lithium Solution."
Meanwhile, the POSCO Group has invested over KRW 4 trillion in Australia for the development of resources
such as iron ore, lithium and nickel and praised Australia as an optimum country for the
development of green hydrogen overseas due to its land
availability, rich sunlight and wind resources along with
progressive laws and systems and excellent business
environment.
Photo - https://mma.prnewswire.com/media/1960373/image.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/posco-group-ceo-jeong-woo-choi-meets-the-prime-minister-of-australia-anthony-albanese-to-discuss-future-eco-friendly-projects-301692191.html