Korean steelmaker Posco has announced plans to invest a total of 121 trillion won (USD 88 billion) in new emission reduction projects by 2030. These investments will include 29 trillion won (USD 21.2 billion) worth of clean steel and 1 trillion won (USD 730.4 million) worth of blue hydrogen projects. The company has the backing of the Korean government, which owns almost 9% of its shares.
Posco also aims to invest 20 trillion won (USD 14.6 billion) in new clean steel plants in Pohang city, including three direct iron reduction (DRI) plants and an electric arc furnace. A second DRI plant in the southern city of Gwangyang at a cost of 40 trillion won (USD 29.2 billion) is scheduled for completion by 2050.
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