POSCO and Honda will work together to achieve carbon neutrality

South Korean steelmaker POSCO and Japanese automaker Honda have announced that they have begun exploring a comprehensive partnership to achieve carbon neutrality. It is stated in a POSCO’s press release.

Based on this agreement, the two companies will explore possible cooperation in several key areas. The companies will cooperate on the application and implementation of ultra-high-strength steel sheet, which will help reduce the weight of the car, and steel sheet, the production process of which reduces carbon emissions. In addition, it is about the use of sheet electrical steel in the mass production of drive motors for e-axle (axial electric drive systems).

The companies also agreed to cooperate in the collection of battery materials and the creation of a recycling system.

“We announced our goal to achieve carbon neutrality for all Honda products and corporate operations by 2050. We believe that this expansion of our partnership with POSCO, which has extensive experience in the fields of battery materials, recycling, sheet steel and electrical steel, will help us further accelerate our electrification strategies,” noted Toshihiro Mibe, global CEO of Honda.

As GMK Center reported earlier, POSCO Group intends to invest $40 billion in environmental projects in Australia by 2040. This was announced by the company’s general director Jeong-woo Choi at a meeting with the Prime Minister of Australia Anthony Albanese. Investments will be directed to the construction of facilities for the production of green hydrogen

Also, in September 2022, POSCO announced plans to invest $14 billion in reducing carbon emissions. The company plans to build two electric arc furnaces (EAFs), at its plants in Gwangyang and Pohang. They are planned to be launched in 2025 and 2027, respectively. EAFs will replace blast furnaces (BFs) that will be shut down. Until then, POSCO used electric arc furnaces only for the production of certain products, such as stainless steel.

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Published by
Masha Malonog
Tags: decarbonization POSCO auto industry
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