Rio Tinto and POSCO, the largest steel producer in South Korea
and one of the world’s leading steel producers, have signed a
Memorandum of Understanding (MoU) to jointly explore, develop and
demonstrate technologies to transition to a low-carbon emission
steel value chain.
The partnership will explore a range of technologies for
decarbonisation 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.
The MoU with POSCO underlines Rio Tinto’s commitment to working
in partnerships with customers on steel decarbonisation pathways
and to invest in technologies that could deliver reductions in
steelmaking carbon intensity of at least 30% from 2030 or with
potential to deliver carbon neutral steelmaking pathways by 2050.
Both Rio Tinto and POSCO share the ambition to reach net zero
carbon emissions by 2050.
As one of South Korea’s leading industrial companies, POSCO’s
efforts to decarbonise will play an important role in achieving the
country’s recently announced ambition to become carbon-neutral by
2050, which has inspired Korean companies to accelerate
decarbonisation activities.
Rio Tinto’s Vice President of Iron Ore Sales and Marketing,
Simon Farry, said: “This partnership with POSCO, a valued and
long-standing customer, demonstrates our combined commitment to
working together to identify ways to reduce emissions across the
steel-making process. The agreement also complements Rio Tinto‘s
partnerships with other customers as the industry focusses on
developing technologies that support the transition to a low-carbon
economy.”
POSCO’s Head of Steel Business Unit, Hag-Dong Kim, said:
“Tackling climate change is a critical item in achieving
sustainable development for a better future. On the journey to
achieving carbon neutrality with Rio Tinto, we can play an
important role of finding a way to build a low-carbon steel
industry”
About Rio Tinto
Rio Tinto produces materials that are essential to human
progress. We have publicly acknowledged the reality of climate
change for over two decades and have reduced our emissions
footprint by over 30 per cent in the decade to 2020.
We have set ambitious emissions targets to reduce our carbon
intensity by a further 30% and our absolute emissions by a further
15% by 2030, alongside establishing a $1 billion fund to invest in
climate related projects. These targets will bring us a step closer
to achieving our long-term goal of becoming net zero emissions by
2050 (which includes emissions from shipping of our products).
In 2021, we also outlined our new scope 3 goals, which include
working in partnerships with customers on steel decarbonisation
pathways through investing in technologies that could deliver
reductions in steelmaking carbon intensity of at least 30% from
2030 and investing in breakthrough technologies with potential to
deliver (i) carbon neutral steelmaking pathways by 2050; and/or
(ii) zero-carbon aluminium.
As part of our climate strategy, we have entered into
partnerships with the world’s largest steel producer, China Baowu
Steel Group, one of China’s most prestigious and influential
universities, Tsinghua University, and Japan’s largest steel
producer, Nippon Steel Corporation, to develop and implement new
methods to reduce carbon emissions and improve environmental
performance across the steel value chain.
About POSCO
POSCO is the world’s leading steel-making company established in
1968. POSCO has two steelworks in Pohang and Gwangyang, South
Korea. Recognised by World Steel Dynamics as the most competitive
steelmaker for 10 consecutive years, POSCO is devoted to the
company’s management philosophy, 'Corporate Citizenship: Building a
Better Future Together'.
POSCO plans to utilise carbon risk as an opportunity, overcoming
its inevitable need for CO2 emission. Through innovative
technologies, such as CCUS (Carbon Capture, Utilization and
Storage), and hydrogen-based steelmaking, POSCO aims to equip
itself with ‘low carbon competitiveness’ which enables providing
‘green steel’.
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version on businesswire.com: https://www.businesswire.com/news/home/20210708005340/en/
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