POSCO Holdings stated that no concrete investment decision has been made, in response to media reports that it is pursuing a 4-trillion-won low-carbon steel project in Australia. The company explained that it is reviewing the feasibility of a steel raw material production business in Australia, but the investment decision, business structure, and timeline have not yet been finalized.

On the 21st, POSCO Holdings said in a disclosure clarifying major management matters of its subsidiary POSCO that it is reviewing an HBI production business in Port Hedland, Western Australia. The clarification came after media reports that POSCO was speeding up a 4-trillion-won low-carbon steel project in Australia.

HBI (hot briquetted iron) is a steel raw material produced through a reduction process that removes oxygen from iron ore, and is cited as one of the materials necessary for achieving carbon neutrality.

POSCO confirmed that it is examining the feasibility of an HBI production business in Port Hedland, but emphasized that nothing has been decided regarding the investment decision, business structure, or timeline. In particular, the 4-trillion-won figure mentioned in media reports was not announced as a confirmed investment amount in the disclosure, and it also remains unconfirmed whether the feasibility review will actually lead to an investment decision.

POSCO plans to make a follow-up disclosure within one month or when specific details are decided. The disclosure was classified as a 'clarification of rumors or reports (unconfirmed).'

In the end, it was only confirmed that POSCO, a subsidiary of POSCO Holdings, is reviewing an HBI production business in Australia, while the actual investment decision, scale, business structure, and timeline must be confirmed through follow-up announcements.

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