South Korean steelmaker POSCO Group is planning to invest a total of $40 billion in Australia, with $28 billion being used for hydrogen manufacturing, and $12 billion going toward green steel production- in order to manufacture 1Mt of hydrogen by 2040.
POSCO 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 plans and potential for future sustainability projects between POSCO and the Australian government.
“We see Australia as the most important country in terms of investment for us to secure hydrogen which is essential for hydrogen steel manufacturing.”
Jeong-woo Choi, POSCO CEO
Choi commented: “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 continued; “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.”
'’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.''
Anthony Albanece, prime minister of Australia
Anthony Albanece, prime minister of Australia, 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. We will actively co-operate with POSCO Group’s eco-friendly material businesses for the future.”
