POSCO Group, a South Korean steelmaking giant, aims to enhance its competitiveness in the global steel market and energy value chains through collaborations with international peers, according to its chairman. During a three-day visit to Australia, POSCO Group Chairman Chang In-hwa met with Jayant Acharya, CEO of India’s JSW Steel, and Liu Jian, chairman of China’s HBIS Group, to discuss joint venture opportunities and technological collaborations. The meetings focused on accelerating the development of low-carbon production processes and expanding demand.
Notably, Chang and Acharya discussed their ongoing project to build an integrated steel mill in India, which was announced last October. The facility will have an annual capacity of 5 million tons. The World Steel Association named POSCO as one of 14 Steel Sustainability Champions for its work in 2024, acknowledging its efforts to reduce carbon emissions and improve sustainability.
Chang also toured Senex Energy’s gas fields in Queensland, Australia, which POSCO International Corp., the company’s general trading and energy exploration unit, acquired in 2022. Senex Energy is focused on gas and oil exploration, crude oil production, and oil pipeline transportation. The company aims to triple its natural gas production by 2026, which will supply approximately 10% of eastern Australia’s domestic demand.
The chairman’s visit to Australia highlights POSCO’s commitment to strengthening partnerships and exploring new opportunities to drive growth and sustainability in the steel and energy sectors. By working with international partners, POSCO seeks to expand its global footprint and reduce its environmental impact.