As part of the MoU, BHP said the two companies will perform trials to lower carbon in the steelmaking process, including carbon capture storage and utilization options for the blast furnace, and will share research on the use of hydrogen and biomass in steelmaking.
 
BHP plans to invest up to US$10 million over the next five years from its US$400 million Climate Investment Program.
 
Additionally, the two companies intend to work together on reporting carbon emissions through the steel value chain, according to BHP.
 
“The pathway to net zero for steelmaking is not yet clear but we believe that, by working with industry leaders like POSCO, together we will find solutions more quickly to help reduce carbon emissions in steelmaking and along the value chain,” said BHP chief commercial officer Vandita Pant.