POSCO has joined hands with Hancock, an Australian resources development company, to promote production of low-carbon steel raw materials.
POSCO announced on March 29 that it signed a heads of agreement (HoA) with Hancock for a feasibility study on a low-carbon hot briquetted iron (HBI) production project at its partner's office in Perth, Australia. The signing ceremony was attended by Lee Joo-tae, head of POSCO’s Purchasing and Investment Division, and Garry Korte, CEO of Hancock.
HBI is a relatively new product that is created by reducing the iron ore with natural gas. It can be used as a pre-material in blast furnaces or electric arc furnaces.