South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it has signed a memorandum of understanding with Brazilian miner Vale, expanding their cooperation to secure low carbon steel raw materials, including the promotion of low-carbon hot briquetted iron (HBI) production.
The agreement encompasses the feasibility of a new HBI production plant, related investments, including costs, and discusses measures to reduce emissions in the production process. The review is planned to be completed by the end of this year and may lead to a new investment plan.
In November last year, POSCO and Vale signed a memorandum of understanding to seek opportunities to develop solutions for the steel industry aimed at reducing carbon emissions, as SteelOrbis previously reported.
