Steel Industry News

POSCO, South Korea’s leading steelmaker, has announced a bold investment plan of 121 trillion won (USD 88 billion) by 2030, with a significant focus on environmental sustainability. Of this total, 45 trillion won (USD 35 billion) will be directed towards international projects aimed at emissions reduction. The company plans to allocate 29 trillion won (USD 21.2 billion) specifically for eco-friendly steel initiatives, targeting carbon neutrality, improving demand response, and recovering production capacity through innovative technologies like HyREX.

In addition to its commitment to sustainable steel production, POSCO is investing 16 trillion won (USD 12 billion) in renewable energy projects and 1 trillion won (USD 730 million) in blue hydrogen production linked to its operations. The company is also modernizing its facilities, including blast furnaces and steelmaking equipment, to boost productivity and operational efficiency. With these strategic investments, POSCO aims to lead the transition to low-carbon steelmaking while meeting the growing demand for electric vehicles and aligning with global sustainability efforts.

China’s finished steel exports reached a significant milestone in September 2024, totaling 10.153 million metric tons. This represents a 6.9% increase from the previous month and a substantial 26% rise compared to the same period last year

The export volume surpassed 10 million metric tons for the first time since 2016, marking an eight-year high

This surge in exports is attributed to low prices and high volumes, with export prices being more favorable than domestic prices

The trend of increasing exports has accelerated, as evidenced by the year-on-year growth rate rising from 14.6% in August to 26% in September