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    A005490   KR7005490008

POSCO HOLDINGS INC.

(A005490)
  Report
End-of-day quote Korea Stock Exchange  -  2022-11-24
295500.00 KRW   +2.07%
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POSCO : expands cooperation with global iron ore supplier Vale for low-carbon steel raw material business

08/19/2022 | 04:24am EST

POSCO and Vale signed a joint research agreement to promote HBI production on August 1st
Promotes research on the selection of potential business regions, cost and investment cost analysis, and carbon reduction measures
POSCO will lead carbon neutrality by seeking ways to secure stable HBI with Vales

POSCO and Vale, a global leading iron ore supplier, will expand cooperation to secure low-carbon steel raw materials.

On August 1st, the two companies signed a joint research agreement to promote the low-carbon HBI* production at the Vale headquarters in Rio de Janeiro, Brazil. Ju-tae Lee, Head of Purchasing and Investment Division of POSCO and Luiz Meriz, Global Director for Sales of Iron Ore and Coal from Vale attended the signing ceremony.
*HBI(Hot Briquetted Iron): a processed iron obtained by molding reduced iron, an iron ore from which oxygen has been removed, in the shape of briquettes.

POSCO and Vale decided to conduct joint research in the areas of ▲selection of potential regions, ▲cost and investment cost analysis by the production process, and ▲carbon emission reduction measures in the production process to promote the HBI business. The two companies plan to complete a basic review for the HBI business, including the optimal location of the plant, scale, production method, and economic feasibility by the end of this year.

POSCO signed a Memorandum of Understanding (MOU) for carbon-neutral cooperation with Vale in November last year, and has conducted joint research on how to use low-carbon raw materials in the process. Through this agreement, the joint research field for carbon neutrality expanded to the HBI business

At the signing ceremony, Ju-tae Lee, Head of Purchasing and Investment Division of m POSCO said, "We have expanded the field of cooperation with Vale, a global iron ore supplier active in carbon emission reduction. We will seek ways to secure stable HBI with Vale, which has capabilities as a raw material supplier, and take the lead in realizing carbon neutrality."

Luiz Meriz, Global Director for Sales of Iron Ore and Coal from Vale said, "With this agreement, both companies have come one step closer to achieving the carbon neutrality goal. We look forward to creating synergy and strengthening the cooperative relationship between the two companies through joint research on the HBI business."

POSCO Group is establishing an eco-friendly production system to achieve the 2050 carbon neutrality goal. Also, it is strengthening the cooperative relationship with global raw material suppliers to solidify its global competitiveness through a phased conversion to a carbon-neutral production system and the establishment of an eco-friendly infrastructure.

The two companies have been trading iron ore for more than 40 years since 1976, and plan to strengthen cooperation in the field of raw material purchase and investment in the future.

▲ Ju-tae Lee, Head of Purchasing and Investment Division of POSCO (on the left) and Luiz Meriz, Global Director for Sales of Iron Ore and Coal from Vale (on the right) signed a joint research agreement to promote low-carbon HBI production at the Vale headquarters in Rio de Janeiro, Brazil on August 1st.

Disclaimer

POSCO Holdings Inc. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 08:23:01 UTC.


ę Publicnow 2022
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Financials
Sales 2022 85 468 B 64,0 B 64,0 B
Net income 2022 4 337 B 3,25 B 3,25 B
Net Debt 2022 3 564 B 2,67 B 2,67 B
P/E ratio 2022 5,43x
Yield 2022 4,86%
Capitalization 21 525 B 16 124 M 16 124 M
EV / Sales 2022 0,29x
EV / Sales 2023 0,30x
Nbr of Employees 168
Free-Float 84,6%
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Number of Analysts 19
Last Close Price 295 500,00 KRW
Average target price 332 789,47 KRW
Spread / Average Target 12,6%
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Jeong-Woo Choi Chairman & Co-Chief Executive Officer
In-Hwa Chang Co-President, Co-CEO & Director
Jung-Son Chon Co-Chief Executive Officer & Director
Seung-Kyu Lim Senior Managing Director & Head-Finance
Seong-Wook Lee Head-Legal & Compliance Support
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