Jang In-hwa, POSCO Chairman Who Flew to Australia, Seeks Steel Industry Breakthrough

Attended World Steel Association Meeting
Met with Global Steel CEOs
Discussed Strengthening Joint Ventures and Cooperation
Visited Senex Energy Gas Field
Inspected Upstream Natural Gas Operations

Jang In-hwa, Chairman of POSCO Group, consecutively met with CEOs of the global steel industry from countries such as India and China to explore avenues for cooperation, including technology development. This is interpreted as part of a global management effort to respond to the U.S. tariff bomb and to strengthen competitiveness in the steel business and the energy value chain.

According to POSCO Holdings on the 10th, Chairman Jang met with JSW Steel President Sajjan Jindal from India and Liu Jian, Executive Director of China Hegang Group (equivalent to CEO in Korea), among others, on the 7th in Sydney, Australia, during the World Steel Association's mid-year regular meeting. Chairman Jang discussed the integrated steel mill joint venture project with President Jindal and consulted with Executive Director Liu on ways to strengthen cooperation in joint ventures within China.

Jang In-hwa, Chairman of POSCO Group (second from the left), visited the Senex Energy gas field site in Queensland, Australia, on the 9th to inspect the project. Photo by POSCO Holdings

Earlier, in October last year, POSCO Group signed a memorandum of understanding (MOU) with JSW Group for a joint construction project of an integrated steel mill in India, as well as business cooperation in steel, secondary battery materials, and renewable energy sectors. Since then, POSCO Group has continued discussions by forming working groups for each sector. Additionally, in May 2021, POSCO established two automotive galvanized steel sheet production lines (CGL) in Tangshan City, China, securing an annual production capacity of 900,000 tons of automotive coated steel sheets. POSCO formed a joint venture, "Hegang Pohang," with Hebei Iron and Steel Group (Hebei Steel). The first plant with an annual capacity of 450,000 tons was completed in October 2023, and the second plant, also with an annual capacity of 450,000 tons, has been operating since May last year.

On the 7th, prior to these meetings, Chairman Jang attended the World Steel Association Executive Committee meeting, where he proposed directions for key agendas such as the environmental improvement effects of low-carbon processes and the global standardization of carbon emission measurement criteria. He emphasized, "We must expand collaboration among global steelmakers to develop low-carbon steel production processes, reduce carbon emissions, and expand future demand."

Following his attendance at the steel association meeting, on the 9th, Chairman Jang moved to the Senex Energy gas field located in Queensland, Australia, to inspect the upstream natural gas business site. Senex Energy is an onshore gas field representing the upstream segment of POSCO Group's natural gas business, acquired by POSCO International in April 2022 for AUD 442.42 million (approximately KRW 400 billion). Senex Energy is currently pursuing a project to increase natural gas production from 20 petajoules (PJ) per year to 60 PJ by 2026 (equivalent to about 1.2 million tons of LNG). Upon completion of the production increase, it is expected to supply 10% of the domestic natural gas demand in the eastern Australia region.

POSCO has been selected as the Sustainability Champion for four consecutive years. From the left, Edwin Basson, Secretary General of the World Steel Association; Jang In-hwa, Chairman of POSCO Group; Narendran, President of the World Steel Association and Chairman of Tata Steel. Photo by POSCO Holdings

Since the early 1980s, POSCO Group has expanded cooperation in resource development with Australia, a key partner country in the supply chain of critical minerals such as iron ore, lithium, and nickel. The cumulative investment has reached 4 trillion KRW to date, and POSCO purchases more than USD 7 billion (approximately KRW 10.2221 trillion) worth of steel raw materials annually from Australia. Chairman Jang also serves as the Chair of the Korea-Australia Economic Cooperation Committee. It is evaluated that the two countries contribute to enhancing economic cooperation and industrial competitiveness not only in traditional resource sectors such as minerals and energy but also in future business areas.

Meanwhile, POSCO was selected as the Best Sustainability Member for four consecutive years at the World Steel Association member company meetings. The World Steel Association is a global organization established to promote mutual understanding and development in the steel industry, with a total of 157 members including steel companies worldwide, regional steel associations, and research institutions.

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