POSCO’s 4 Trillion Won Australian Low-Carbon Iron Project Clears Federal Review | October 21 2026 | Industry Daily - 동영상 Dailymotion

Seoul Economic Daily

POSCO has secured the environmental approvals it needs to move toward building a low-carbon iron plant in Western Australia. Australia’s federal government approved the Port Hedland Iron Project, following state approval in April, for a plant costing about 4 trillion won (3 billion US dollars). The facility aims to produce about 2 million tonnes a year of hot briquetted iron and 700,000 tonnes of export pellets from local ore, supplying feedstock for POSCO’s electric arc furnaces in Gwangyang and its planned Louisiana mill with Hyundai Motor Group. Final investment decisions with Marubeni and China Steel are next, with first production targeted for 2031.  Sources:  POSCO Group Speeds Up 4 Trillion Won Low-Carbon Steel Plant in Australia — Seoul Economic Daily, October 21, 2026 LS Eco Energy Q3 Operating Profit Up 51%, Busduct Sales Jump Two- to Threefold — Seoul Economic Daily, October 21, 2026  About AI PRISM: AI PRISM is Seoul Economic Daily’s WAN-IFRA award-winning newsroom AI series, delivering Korean economic news adapted for global audiences. Episodes are produced with AI assistance and reviewed by a human editor.  Tags: #POSCO #GreenSteel #HBI #Australia #CBAM #SupplyChain #KoreaIndustry #KOSPI #AIPRISM #SeoulEconomicDaily #WANIFRA

Transcript

00:02POSCO's $4 trillion bet on low-carbon iron in Australia has cleared its toughest regulatory

00:08test. Australia's federal government has approved the environmental review for the

00:13Port Hedland Iron Project in Western Australia. The approval lands as Europe's carbon border

00:18rules raise the stakes for cleaner steel inputs. It's Wednesday, October 21st. Let's take a look

00:25at a key development in Korea's industry sector. POSCO Holdings set out a plan in 2022 to process

00:31Australian iron ore locally into low-carbon steelmaking feedstock. The project company,

00:36Port Hedland Iron, is wholly owned by POSCO, with Japan's Marubeni and Taiwan's China Steel

00:42joining as partners. Western Australia approved the project in April, and federal sign-off under

00:47the National Environmental Protection Law has now followed. Here's what the numbers show.

01:00The plant targets about 2 million tons a year of hot briquetted iron, a key input for high-grade

01:07electric arc furnace steel, plus around 700,000 tons of export pellets. POSCO completed a 2.5 million

01:14ton electric arc furnace at Gwangyang in June, and plants a 2.7 million ton mill in Louisiana

01:20with Hyundai Motor Group from 2029. Partner investment decisions and indigenous consultations

01:26come next, with first output targeted for 2031. Separately, LS Eco Energy said third-quarter

01:32revenue rose 51 percent to 351.5 billion won, about $265 million, on power cable exports to Europe and

01:42North America. So what does this mean for supply chain and industry analysts? Earlier, we said Europe's

01:49carbon border rules are raising the stakes. Here's what that actually means for you.

01:53An owned source of low-carbon iron gives POSCO steadier feedstock for its new electric furnaces

01:59in Korea and the US, though how output will be split among its mills has not been decided.

02:05The final investment decision by POSCO, Marubeni and China Steel. Progress on indigenous consultations

02:11and utility permits in Western Australia. How POSCO allocates the iron between Gwangyang,

02:16Louisiana, and its other mills. That's today's AI Prism, Industry Daily.

02:22This episode was produced with AI Assistants based on Seoul Economic Daily reporting

02:26and reviewed by a human editor. AI Prism is a WAN-IFRA award-winning series. We'll be back tomorrow.

POSCO’s 4 Trillion Won Australian Low-Carbon Iron Project Clears Federal Review | October 21 2026 | Industry Daily

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