POSCO to Accelerate Hydrogen, Green Steel & Battery Agenda

Korea Times reported that South Korean POSCO Group will accelerate its investments in hydrogen and rechargeable batteries, coupled with continued efforts to develop new technologies as a part of steel giant's move to transform itself into a green energy business, a survival strategy pivoting from decades of a carbon-heavy business model to reinvent itself as a leading eco-friendly sustainable market player. The new growth vision was outlined during a meeting of 20 key executives. POSCO Group Chairman Mr Choi Jeong-woo said “The future of POSCO will be carried by strengthening the manufacturing of steel that does not emit greenhouse gases, alongside rechargeable battery materials and hydrogen. We must continue to strive to become the global top leader in the industry.”Mr Choi added “Carbon neutrality will determine not only the success or failure of our firm but the future course of steel businesses around the world. We should continue making investments in human resources and take a technological leap for the future.”The gathering shared opinions on the status quo of venture investments and ways to improve industry-academic cooperation in the fields1. Smart technologies and the development of an online platform mediated by artificial intelligence2. Green materials and green steel3. AI platform technologies needed were metrics to estimate the prices of raw input materials for small POSCO partner firms that buy the key materials for steelmaking4. Ways to bolster productivity in research and development and create a safer working environment for on-site employees5. Strategic technologies needed for developing and diversifying input materials for rechargeable batteries, as well as sustainable integrated use of hydrogen and ammonia, two other green materialsPOSCO had announced that by 2026 it will invest KRW 53 trillion (USD 43 billion) in total, including KRW 33 trillion (USD 27 billion) in South Korea and KRW 20 trillion (USD 16 billion) in overseas markets, in order to strengthen competitiveness in core business fields. According to the announcement, within the scope of domestic investment, KRW 20 trillion will be invested in laying the foundation for eco-friendly steel production. POSCO aims to secure its competitiveness by investing in new electric furnaces for conversion to an eco-friendly production system, the introduction of eco-friendly facilities, and technology for steel products for electric vehicle motors. In the business area, it plans to invest about KRW 5.3 trillion in securing stable raw materials, expanding facilities, and securing next-generation technologies. Also, KRW 5 trillion will be invested in eco-friendly infrastructure and KRW 2.7 trillion in ventures and securing new technologies.

POSCO to Accelerate Hydrogen, Green Steel & Battery Agenda

Strategic Research Institute

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