Australia-based miner Rio Tinto has announced that it has signed a memorandum of understanding (MoU) with South Korean steelmaker POSCO to jointly explore, develop and demonstrate technologies for the transition to a low-carbon emission steel value chain.
Within this partnership, the companies will explore a range of technologies for decarbonization across the entire steel value chain from iron ore mining to steelmaking, including integrating Rio Tinto’s iron ore processing technology and POSCO’s steelmaking technology.
Both Rio Tinto and POSCO aim to reach net zero carbon emissions by 2050.