Sydney, Australia – Jang In-hwa, Chairman of South Korean steel giant POSCO Group, has concluded a series of high-level engagements in Australia, underscoring the company's strategic focus on bolstering its global steel competitiveness through collaborative low-carbon initiatives and expanding its energy value chain.
Chairman Jang's visit commenced with his participation in the World Steel Association (worldsteel) Executive Committee meeting held in Sydney on April 7th. Addressing industry leaders, Mr. Jang stressed the imperative for greater cooperation among global steelmakers in the face of mounting pressure to reduce carbon emissions. "The global steel industry is actively pursuing diverse carbon reduction technologies," he stated. "To accelerate the development of low-carbon steel production processes, achieve meaningful carbon reduction, and stimulate future demand, enhanced collaboration is crucial."
During the worldsteel forum, Chairman Jang engaged in bilateral discussions with key figures in the international steel sector. He met with Jayant Acharya, Chief Executive Officer of India's JSW Steel, to explore potential avenues for a joint venture involving an integrated steel mill. These discussions are understood to encompass various aspects of the project, signaling POSCO's intent to forge strategic partnerships in high-growth markets. Furthermore, Mr. Jang held talks with Liu Jian, Chairman of China's Hesteel Group, focusing on strengthening the existing collaborative framework of their joint ventures within China. These meetings highlight POSCO's proactive approach to navigating the evolving global steel landscape through strategic alliances.
The following day brought further recognition for POSCO as it was named a worldsteel 'Sustainability Champion' for the fourth consecutive year during the association's member company meeting. This accolade underscores POSCO's ongoing commitment to sustainable practices within the steel industry.
Shifting focus to the energy sector, Chairman Jang on April 9th visited Senex Energy in Queensland, Australia. POSCO International acquired the onshore gas producer in 2022 for AUD 442.42 million, marking a significant step in the group's diversification strategy. Mr. Jang's visit served to review the progress of Senex Energy's ambitious expansion project, which aims to triple natural gas production from 20 petajoules per annum (PJPA) to 60 PJPA by the next year.
This substantial increase in production, equivalent to approximately 1.2 million tonnes of liquefied natural gas (LNG), is projected to significantly impact the eastern Australian energy market. POSCO anticipates that upon completion of the expansion, Senex Energy will be capable of supplying approximately 10% of the region's total natural gas demand, solidifying POSCO's position as a key energy player in the Australian market.
Chairman Jang's visit to Australia underscores POSCO Group's dualpronged strategy of fostering industry-wide collaboration for a sustainable future in steelmaking while simultaneously pursuing strategic growth opportunities within the energy sector to build a robust and diversified business portfolio.
[Copyright (c) Global Economic Times. All Rights Reserved.]
