MoU between Adani & POSCO For Incorporate Steel Mill

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In response to carbon reduction requirements, an MoU for Comprehensive Cooperation was signed to boost the market position of high-grade steel and enhance competence. Integrated Steel Mill, raw material, renewable energy, hydrogen, logistics, and other enterprises collaborate on a group level.

POSCO and the Adani Group have committed to pursue commercial opportunities together, including the construction of a green, environment-friendly Integrated Steel Mill in Mundra, Gujarat, as well as other ventures. The investment might be worth up to $5 billion.

In response to carbon reduction standards, the non-binding MoU signed by POSCO and Adani aims to expand collaboration at the group business level in multiple areas such as renewable energy, hydrogen, and logistics. Both sides are considering numerous alternatives for collaborating and leveraging each other’s technical, financial, and operational strengths.

POSCO’s state-of-the-art technology and cutting-edge R&D expertise would be used to evaluate a combined Integrated Steel Mill in Mundra, Gujarat. In keeping with both partners’ ESG commitments to sustainability and energy efficiency, POSCO and Adani plan to use renewable energy resources and green hydrogen.

“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 steel making and Adani’s expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea,”

Mr. Jeong-woo, Choi, the CEO of POSCO, said.

The Adani Group, which was created in 1988, is India’s largest and fastest-growing portfolio of diversified enterprises, with holdings in logistics (seaports, airports, shipping, and rail), resources, power generation, and distribution, renewable energy, gas, and infrastructure, and other industries. Adani recently unveiled a multibillion-dollar investment plan to become the world’s largest renewable energy firm and, in the future, to manufacture green hydrogen.

“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,”

Mr. Gautam Adani, Chairman of the Adani Group, said.

POSCO operates POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized factory in Pune, Delhi, Chennai, and Ahmedabad that is recognized as India’s most modern automotive steel supplier.POSCO and Adani are projected to form a dominant partnership synergy in the Indian steel industry as a result of their corporate engagement. POSCO and Adani have also signed an MoU with the Gujarat government, requesting the government’s support and participation in the collaboration.

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