Posco and Nippon Steel, among others, plan to jointly acquire the Huaiyala Steel Plant
On August 4th, POSCO, along with Nippon Steel, Bossg and other enterprises, jointly submitted a proposal to the South Australian government to acquire the Whyalla steel plant. The government of South Australia plans to conduct an investigation of the candidate enterprises before making a final decision.
In 1941, the Huaiya Steel Plant was put into operation, mainly producing long products with an annual production capacity of 1.2 million tons. After the previous owner went bankrupt and the investment failed, the steel plant was taken back for management by the Australian authorities in February 2025. In June this year, the government of South Australia planned to sell the steel plant globally to other steel enterprises. The Waiyala plant has one magnetite mine. By taking advantage of South Australia's abundant renewable energy resources, managers can easily produce low-carbon emission products such as direct reduced iron (DRI) or hot-pressed iron blocks (HBI).
Posco's participation in the acquisition aims to ensure the supply of its own low-carbon raw materials and accelerate the realization of its corporate operation carbon neutrality goal by 2050. If POSCO's participation in this acquisition is successful, it is expected to improve its current investment strategy in the United States and India. Posco is collaborating with Hyundai Steel to build a steel plant with an annual production capacity of 2.7 million tons in Louisiana, the United States. Posco is also collaborating with India's Goldler Southwest Steel Company to build a 5 million-ton steel plant in India, which is scheduled to come on stream in 2031.
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