South Korean steelmaker POSCO has voluntarily decided to cut down on carbon dioxide (CO2) emissions by nine percent by 2020 based on the average of the three most recent years, company chairman Joon-yang Chung announced at South Korea's 7th Green Growth Committee meeting on February 3.
POSCO will reduce CO2 emissions in manufacturing each metric ton of melted iron from the current 2.18 mt to 1.98 mt by 2020, a reduction of nine percent.
According to an official press release, the company will also reduce 14 million mt of carbon emissions of third companies through the manufacturing of energy efficient steel products and green growth businesses. With this, POSCO plans on reaching annual sales of KRW 1 trillion in the green growth sector ($854.7 million) through its investments.