Posco pledges $40bn for Australian hydrogen and green steel

The South Korean steel giant aims to produce 1mn t/yr of hydrogen in Australia by 2040

South Korean steel manufacturer Posco has committed to investing $40bn in renewable hydrogen and green steel in Australia, with a target of 1mn t/yr of hydrogen production in the country by 2040. “We see Australia as the most important country in terms of investment for us to secure hydrogen which is essential for hydrogen steel manufacturing,” says Posco CEO Jeong-woo Choi. The firm has set a target for carbon neutrality by 2050. It currently produces grey hydrogen for use in steelmaking to control temperatures and prevent oxidation of the final product, and has this year signed an agreement with Saudi developer Acwa and another with Saudi Arabia’s Public Investment Fund as part of a South