POSCO to develop low-carbon cast iron production technology with the American company Electra

South Korean steel company POSCO has announced a new partnership with the American climate company Electra to jointly develop low-carbon pig iron production technology. The agreement aims to combine POSCO's direct remediation know-how with Electra's electrochemical iron production process, supporting the steel industry's transition to lower-emission production.

Sandeep Nijhawan, co-founder and CEO of Electra, said POSCO has extensive experience in steel production, manufacturing technology and process engineering. He added that the partnership will help Electra carefully scale its pure iron technology as it strives to supply more customers in the long term.

Eom Ken Kyung, head of POSCO's technical research laboratories, stated that the joint development agreement is designed to create strategic synergies between POSCO's patented direct recovery and engineering technologies and the innovative Electra electrochemical process.

Kim Keun Hwan, president of POSCO Investment, said that the investment represents POSCO Investment's first overseas strategic investment in the decarbonized steel sector. He added that the agreement is of particular importance as an investment in climate technology, made in preparation for the era of decarbonization.