South Korean steelmaker POSCO Group has announced that it plans to invest a total of US$40 billion in Australia for eco-friendly projects by 2040, including US$28 billion in hydrogen production, including renewable energy and water electrolysis, and US$12 billion in green steel.
Accordingly, POSCO Group plans to produce green hydrogen in Australia, and use it to produce hot briquetted iron.
The company aims to achieve carbon neutrality by 2050.
Meanwhile, POSCO Group has so far invested more than KRW 4 trillion in Australia to develop resources such as iron ore, lithium, and nickel.