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POSCO plans to open a new steel plant in India

POSCO is accelerating its efforts to create green steel production systems in overseas markets.

POSCO plans to open a new steel plant in India

POSCO, South Korea's leading steelmaker, plans to complete the commercialization of HyREX technology by 2030 and fully transition its steel mills in Pohang and Gwangyang to production based on hydrogen reduction technology by 2050. The company will use HyREX technology to produce direct reduced iron (DRI) using green hydrogen in electric arc furnaces.

To accelerate the commercialization of HyREX technology, POSCO has signed an agreement with Primetals to design a HyREX test facility to be built in 2026. In 2033, the company aims to replace existing production methods with HyREX 1 at its Pohang plant. By 2050, the company plans to complete the construction of hydrogen steel production systems at Pohang Works and Gwangyang Works.

POSCO is also accelerating efforts to build environmentally friendly commercial production systems overseas. The company aims to double its overseas steelmaking capacity by 2030 from 5 million tons in 2022. It also reportedly plans to open a steel plant in India in September 2023. Although these plans were previously considered, the projects were rejected due to strong competition.

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