First visit by an Australian Prime Minister in 22 years… POSCO Group and Australia have maintained a strategic partnership for over half a century
POSCO Group signs MOU with global raw materials company BHP for collaboration on HyREX hydrogen reduction steelmaking technology
Chairman Chang presents future vision for the global supply chain at APEC CEO Summit, based on Korea-Australia economic cooperation cases
On October 30, Australian Prime Minister Anthony Albanese visited POSCO’s Pohang Works, a company that represents economic cooperation between Korea and Australia.
This marks the first visit by an Australian Prime Minister in 22 years, since former Prime Minister John Howard in 2003, and serves as an opportunity for the two nations to further strengthen their future-oriented partnership across various industries, including resources, materials, and future energy.
Prime Minister Albanese toured the raw material pier at Pohang Works, where he observed the actual use of Australian iron ore and coking coal, and received a briefing on HyREX, Korea’s proprietary hydrogen reduction steelmaking technology.
POSCO Group began purchasing Australian iron ore in 1971 and has since used over 1.5 billion tons of Australian iron ore and coking coal — a symbolic example of Korea-Australia cooperation in the resources and steel industries.
Prime Minister Albanese stated, “Australia is one of the world’s leading resource-rich nations, a land of infinite opportunity where industries can grow through investment in critical minerals. Australia’s abundant resources will be a driving force for the global economy, and we will continue to expand cooperation with Korea.”
Chairman In-hwa Chang of POSCO Group said during his meeting with the Prime Minister, “Australia is a strategic partner with whom we are pioneering future growth industries, extending beyond steel to secondary battery materials and energy. I expect this visit to serve as a catalyst for strengthening trust between our two countries.”
Since its investment in the Roy Hill iron ore mine in 2010, POSCO Group has been promoting an HBI (Hot Briquetted Iron) production project in Australia as a low-carbon steel raw material initiative, and in 2022, it acquired Senex Energy to expand its natural gas business.
Prior to the meeting with the Prime Minister, POSCO Group signed a memorandum of understanding (MOU) with BHP, Australia’s leading global raw materials company, for R&D cooperation on the HyREX carbon reduction steelmaking process. Under the agreement, BHP will provide the iron ore feedstock and technical expertise required for the trial operation of the HyREX demonstration plant. POSCO Group plans to develop this cooperation into a successful example of climate change response jointly undertaken by a global steelmaker and a raw materials supplier.
Earlier in the day, Chairman Chang delivered a keynote speech at the APEC CEO Summit held at the Gyeongju Arts Center, under the theme “Connecting the Future: POSCO’s Supply Chain Partnerships for Shared Prosperity.”
He emphasized the importance of multilateral cooperation and solidarity in building sustainable and resilient global supply chains, which have emerged as a core agenda for the global economy. He also shared examples of strategic economic cooperation between POSCO Group and Australia over the past half-century, including strengthening raw material supply chains, co-developing low-carbon products, and transitioning to future energy.
Following the keynote, a panel discussion was held with Garry Korte, CEO of Hancock, and Omoto Masayuki, CEO of Marubeni, to explore solutions for global supply chain challenges from multiple perspectives.
On October 29, POSCO Group also hosted “POSCO Night,” inviting key business partners. Attendees included Simon Trott, CEO of Rio Tinto Group, and Zhu Wei, President of CATL ESS, who engaged in extensive exchanges with POSCO Group’s management to explore business cooperation opportunities.
▲ Australian Prime Minister Anthony Albanese visited the Pohang works on the 30th. Prime Minister Albanese and POSCO Group Chairman In-hwa chang agreed to continue expanding economic cooperation between Korea and Australia.