Rio Tinto and POSCO Inked MoU to Cut Steel Sector Emissions

SEATTLE (Scrap Monster): Leading global mining group Rio Tinto and Japanese steelmaker POSCO reached an a Memorandum of Understanding (MoU) to explore new techniques to cut steel sector emissions. The two companies will jointly explore and develop technologies to boost transition to a low-carbon emission steel value chain.

The MoU aims to explore decarbonisation technologies across the entire steel value chain, starting from iron ore mining until steelmaking. It will cover Rio Tinto’s iron ore processing technology and POSCO’s steelmaking technology.

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The MoU further reiterates Rio Tinto’s commitment to work in partnership with customers in order to reduce carbon intensity of steelmaking by at least 30% by 2030. Incidentally, both the companies have already announced ambitious targets to attain net zero carbon emissions by 2050.

Commenting on the strategic deal, Alf Barrios, Chief Commercial Officer, Rio Tinto said that the partnership with POSCO demonstrates their combined commitment to work together in identifying ways to reduce carbon-emissions across steelmaking process. Meantime, Hag-Dong Kim, Head of Steel Business Unit, POSCO commented that the combined effort will play an important role in building a low-carbon economy.