Steel News

POSCO, Adani Group Sign US$5 Billion MoU for Eco-Friendly Integrated Mill

1/14/2022 - This week South Korean steelmaker POSCO and Indian infrastructure and energy conglomerate Adani Group signed a memorandum of understanding (MoU) that includes plans for a “green, environment-friendly” integrated steel mill to be built in Gujarat, India.

According to a press release from Adani Group, the proposed steel mill would utilize renewable power sources and employ state-of-the-art technology such as green hydrogen to meet both companies’ sustainability goals. The Gujarat state government has also pledged its support for the venture in a separate MoU, Adani Group said.

“POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with POSCO’s state-of-the-art technology in steelmaking and Adani’s expertise in energy and infrastructure,” commented POSCO chief executive Jeong-woo Choi. “I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea."

Adani Group chairman Gautam Adani said, “We are very pleased to announce the partnership with POSCO, the world’s most efficient and advanced steel manufacturer, in steel production and carbon reduction. This partnership will contribute to the growth of India’s manufacturing industry and the Aatmanirbhar Bharat scheme championed by the Government of India. It will also help to strengthen India’s standing in green businesses.”

Read the official press release here.