Rio Tinto and POSCO, the largest steel producer in South Korea and one of the world’s leading steel producers, will jointly explore, develop and demonstrate technologies to transition to a low-carbon emission steel value chain.
Under the terms of the Memorandum of Understanding (MoU), the two parties 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.
Rio Tinto Chief Commercial Officer Alf Barrios said the MoU with POSCO underlined the company’s commitment 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.
“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,” Mr Barrios continued.
“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.”