South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions.
The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 billion.
“Under the latest deal, Posco’s strength in steel making technology and Adani Group’s expertise in energy and infrastructure will create synergy in future sustainable businesses. I hope this becomes a role-model project for business cooperation between Korea and India,” said Choi Jeong-woo, CEO of Posco.
Adani Group, established in 1988, is the biggest energy and logistics conglomerate in India that recorded $15 billion in sales in 2020.
The group runs diverse businesses including port management, power plants, petroleum gas, and infrastructure construction and management.
Recently, Adani has announced investment plans in renewable energy and green hydrogen production as well.
“We are happy to promote cooperation with Posco which is the most competitive steel maker in the world. This partnership will contribute to the growth of the Indian manufacturing industry and play a major role in strengthening our position in future environmental friendly businesses,” said Adani Group’s Chairman Gautam Adani.
Posco, touted as the best steelmaker in India’s premium automobile steel market, currently operates four steel processing centers in India and a cold plating factory capable of producing 1.8 million tons of steel plates per year in Maharashtra, India.
“With this cooperation with Adani Group, we will be able to further solidify our position in the Indian steel market, especially in the high-end steel sector,” a Posco official said.
By Hong Yoo (firstname.lastname@example.org