South Korean steelmaker POSCO has signed a non-binding memorandum of understanding (MOU) with Hazer Group, an Australian technology company, to utilize the latter's technology in the production of POSCO’s low-carbon steel.

Under the MOU, POSCO and Hazer will collaborate to develop a plan to integrate Hazer’s hydrogen production technology into POSCO’s low-carbon steel production. The companies will also assess the application of Hazer’s low emissions graphite product in various parts of the steelmaking process, as well as a market investigation into the applications of Hazer graphite outside of steel.

''We believe Hazer’s unique technology offers important benefits that enable us to achieve our net-zero vision as set out in our 2050 Carbon Neutrality Roadmap.”

Dr. Seong-yeon Kim, POSCO’s head of technical research lab /senior executive vice presiden

POSCO’s head of technical research lab /senior executive vice president, Dr. Seong-yeon Kim said: “At POSCO we are incredibly focused on the reduction of emissions from the steel making process and have committed to reducing worksite emissions by 10% by 2030, 50% by 2040 and being 100% carbon neutral by 2050. We believe Hazer’s unique technology offers important benefits that enable us to achieve our net-zero vision as set out in our 2050 Carbon Neutrality Roadmap.”

“I am delighted to begin this significant collaboration project with POSCO, one of the world’s largest and most competitive steelmakers, demonstrating how large and varied the commercial opportunities are for Hazer and its technology.''

Glenn Corrie, Hazer’s CEO and managing director

Hazer’s CEO and managing director Glenn Corrie said: “I am delighted to begin this significant collaboration project with POSCO, one of the world’s largest and most competitive steelmakers, demonstrating how large and varied the commercial opportunities are for Hazer and its technology. We identified the steelmaking industry as one of our key strategic and commercial targets for the Hazer Process given it is a notoriously hard to abate the sector. It is a great privilege and fantastic achievement to be working alongside such a large company that is dedicated to carbon neutrality. This MOU will enable the next phase of our scale-up strategy into this key market with a significant company known for its sustainability focus and innovation. We look forward to our future in decarbonizing the steel making industry and achieving commercial success with POSCO.”

The MOU has an initial term of two years. During this time, the parties have agreed to work collaboratively to develop plans to integrate Hazer technology into POSCO’s steel manufacturing process and project development agreements.