Korean powerhouse POSCO, the
world’s 6th largest steel producer, has revealed plans to invest $142 billion
into projects aimed at significantly expanding and “greening” its global
operations.
Local
Korean media have confirmed that 60% of the investment will be targeted at
activities in South Korea. That investment will target developments at steel
plants in the south eastern port of Pohang and the southern port of Gwangyang.
“POSCO
will make the investment as part of efforts to develop itself as a major
company of eco-friendly future resources with the best competitive edge in the
world,” POSCO chairman Choi Jeong-woo told the audience at a local event.
Mr Choi said the company’s strategy is targeted at cementing POSCO’s leading
status in key business areas by securing future technologies and pre-empting
growing market opportunities.
POSCO
has estimated that the new projects will lead to approximately 330,000 new
South Korean jobs.
Battery minerals focus
Mr Choi
confirmed the company will also target clean energy opportunities such as
rechargeable battery production and hydrogen developments.
One of
the key projects identified will be for the use of a hydrogen reduction
technology known as HyREX at two of its ironmaking facilities.
HyREX
uses hydrogen to convert fine iron ore into direct reduced iron and charge it
into an electric smelting furnace to produce hot metal. The technology is part
of POSCO’s ambitions to reach near-zero carbon dioxide (CO2) emissions.
If
successful, POSCO aims to commercialise the technology in the near future.
“With
the investment, (the group) will secure future technologies, stay ahead in the
growing industries and work toward a sustainable future through green
materials,” chairman Choi Jeong-woo said.