POSCO and Vale signed a joint research agreement to promote HBI production on Aug. 1, the company announced on Aug. 19.
Under the pact, POSCO and Vale, a global leading iron ore supplier, will expand cooperation to secure low-carbon steel raw materials.
POSCO and Vale decided to conduct joint research in the areas of ▲selection of potential regions, ▲cost and investment cost analysis by the production process, and ▲carbon emission reduction measures in the production process to promote the HBI business.
The two companies plan to complete a basic review for the HBI business, including the optimal location of the plant, scale, production method, and economic feasibility by the end of this year.
At the signing ceremony, Lee Ju-tae, head of Purchasing and Investment Division of m POSCO said, “We have expanded the field of cooperation with Vale, a global iron ore supplier active in carbon emission reduction. We will seek ways to secure stable HBI with Vale, which has capabilities as a raw material supplier, and take the lead in realizing carbon neutrality.”