South Korean steelmaker POSCO has announced an ambitious plan to invest 121 trillion won (approximately $88 billion) by 2030 in various emissions reduction projects. This investment includes 45 trillion won ($35 billion) targeted at international markets. A significant portion, 29 trillion won ($21.2 billion), will be allocated specifically for environmentally friendly steel production.
The company aims to achieve carbon neutrality through initiatives like HyREX and will enhance its environmental compliance with measures such as emissions trading systems. Additionally, POSCO plans to expand its electrical steel production to meet the rising demand for electric vehicles and improve productivity by modernizing blast furnaces.
The investment strategy also includes 16 trillion won ($12 billion) for renewable energy projects and 1 trillion won ($730 million) for blue hydrogen production related to steelmaking. Government support has expedited administrative processes for POSCO's hydrogen-based steel project, reducing timelines by 11 months.
Earlier, POSCO invested KRW 530 billion ($381.7 million) in upgrading a blast furnace in Pohang, enhancing productivity and reducing costs.
