Jang In-hwa, chairman of POSCO Group, visited Australia for three days starting from the 7th to enhance the competitiveness of the steel business and strengthen the energy value chain. This is interpreted as an effort to overcome uncertainties in the global steel industry and to strengthen business partnerships and technology development cooperation with global steel companies.
POSCO Group noted that Chairman Jang attended the World Steel Association's first half regular meeting in Sydney, Australia, on the 7th, where he discussed issues related to overseas steel operations, including the integrated steel mill in India, and ways to cooperate on technology development with representatives from global steel companies. The meeting addressed major issues facing the global steel industry, including the environmental improvement effects of low-carbon processes and the global standardization of carbon emission measurement criteria.
Chairman Jang said, "As global steel companies are working on developing various carbon reduction technologies, collaboration among these companies should be expanded to develop low-carbon steel production processes and to reduce carbon and expand future demand."
A meeting with representatives of steel companies for global cooperation was also held. On this day, Chairman Jang discussed joint venture projects for the integrated steel mill with Jayant Acharya, president of India’s JSW Steel, and discussed strengthening cooperation on joint ventures in China with Liu Jian, co-president of China’s Hagang Group.
On the 9th, Chairman Jang visited the onshore gas field of Senex Energy in Queensland, Australia. Senex Energy is an onshore gas field that corresponds to the upstream operations of the natural gas business of POSCO Group, which POSCO International acquired for approximately 400 billion won in 2022.
Senex Energy is currently implementing a project to expand its natural gas production from 20 PJ (petajoules) to 60 PJ (approximately 1.2 million tons when converted to LNG) by 2026, which will enable it to supply 10% of the natural gas demand in the eastern Australia region once the development is completed.
POSCO was selected as a Sustainability Champion for the fourth consecutive year at the World Steel Association members' meeting.