In an announcement Thursday, the companies said they’ll explore a range of decarbonization technologies across the steel value chain, from iron ore mining to steelmaking. Both Rio Tinto and POSCO intend to become carbon neutral by 2050, and among other things, they’ll explore the integration of Rio Tinto’s iron ore processing technology and POSCO’s steelmaking technology, they said. 

“This partnership with POSCO, a valued and long-standing customer, demonstrates our combined commitment to working together to identify ways to reduce emissions across the steelmaking process. The agreement also complements Rio Tinto‘s partnerships with other customers as the industry focuses on developing technologies that support the transition to a low-carbon economy,” said Simon Farry, Rio Tinto’s vice president of iron ore sales and marketing.