POSCO establishes a research center in Australia

South Korean company POSCO Holdings is strengthening its strategy to produce environmentally friendly steel and battery materials, reports Korea JoongAng Daily.

In late May, the company announced the opening of a key minerals research center called Australia Critical Minerals R&D Lab in Perth, Western Australia.

The new center will focus on research into reducing carbon emissions and lowering the cost of raw materials in the production of steel and battery materials, studying rare earth supply chains and advanced processing technologies. It will also explore potential investments in high-quality mining assets.

As the publication notes, this is the first time a Korean company has established a resource-focused research center in the region where they are mined.

“The new research center will combine Australia’s abundant mineral resources with POSCO’s materials expertise, becoming a strategic base for adding value to our core businesses and providing the necessary mineral and processing technologies,” said Chan In-hwa, Chairman of the Board of POSCO Holdings.

In February of this year, Australia announced the launch of a new investment fund, Green Iron, worth A$1 billion ($636 million). In this way, the government is consolidating the country’s position as a major producer of green iron. The fund will promote the development of environmentally friendly iron production and supply chains by supporting such projects and stimulating large-scale private investment.