POSCO Signs Carbon Neutrality Cooperation MOU with Australian Raw Material Supplier Rio Tinto

[Asia Economy Reporter Hwang Yoon-joo] POSCO is collaborating with Australian raw material supplier Rio Tinto to achieve carbon neutrality.

On the 8th, POSCO signed a memorandum of understanding with Rio Tinto to establish a carbon neutrality cooperation system and agreed to mutually cooperate in developing low-carbon raw material technologies. Additionally, they will continuously explore ideas to reduce carbon emissions across the entire steel value chain, from iron ore production to transportation and steel manufacturing.

Rio Tinto, the world's largest iron ore producer, has formed partnerships with major customers such as BHP and Nippon Steel to address climate change and reduce carbon emissions in response to global environmental issues.

Kim Hak-dong, Head of the Steel Division, stated, "Responding to climate change is an important agenda for POSCO, and through establishing a cooperative system with Rio Tinto, we will be able to contribute to reducing carbon emissions across the entire steel value chain."

Alf Barrios, Head of Marketing, also said, "POSCO is an important customer with whom we must collaborate to achieve carbon emission reduction goals, and we are pleased that this memorandum of understanding will enable us to contribute to the transition to a low-carbon steel industry."

Meanwhile, based on the management philosophy of 'Corporate Citizenship Growing Together,' POSCO is accelerating its ESG (Environmental, Social, and Governance) management. In December last year, it published a climate action report outlining its carbon neutrality plan, becoming the first steel company among Korea, China, and Japan with a large blast furnace production system to do so. In March, it established an 'ESG Committee' within its board of directors. Furthermore, POSCO jointly launched the 'Green Steel Committee' with the domestic steel industry, government, research institutions, and academia, declaring a joint commitment to pursue carbon neutrality in the steel industry by 2050.

This content was produced with the assistance of AI translation services.