Global miner Rio Tinto and major steelmaker Posco plan to explore and develop technology to transition into carbon-neutral steel production at their respective facilities.
Both companies will collaborate via a memorandum of understanding (MoU) that covers the entire supply chain, including iron ore mining to product manufacturing, noted Rio Tinto on Jul 8. Posco and Rio Tinto have targeted 2050 to achieve their net-zero carbon goals and aim to reduce greenhouse gas emissions in their processes by 30pc from 2030 onwards.
Their partnership will also serve a greater purpose of South Korea becoming decarbonized within the next three decades.