South Korean steelmaker POSCO Group announced that it plans to invest $40 billion in green projects in Australia by 2040, including $28 billion in hydrogen production, including renewable energy and water electrolysis, and $12 billion USA into green steel.

According to Steel Orbis, POSCO Group plans to produce green hydrogen in Australia and use it to produce hot briquetted iron.

The company aims to achieve carbon neutrality by 2050.

Meanwhile, POSCO Group has invested more than 4 trillion won in Australia to date to develop resources such as iron ore, lithium and nickel.