Through this, a $5bn investment will be made to establish a green, environmentally friendly integrated steel mill in Gujarat, India, and hydrogen could be involved within this.

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With the non-binding MoU, the companies will expand collaboration with renewable energy spheres and hydrogen seen as a key pillar for this.

Both parties have said that they will examine various options to cooperate and leverage the technical, financial, and operational strengths of each company.

POSCO and Adani intend to utilise renewable energy resources and green hydrogen, in line with both partners’ ESG commitments to sustainability and energy efficiency.

Jeong-woo, Choi, the CEO of POSCO, said, “POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with POSCO’s state-of-the-art technology in steel making and Adani’s expertise in energy and infrastructure.

“I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea.”

Mr Gautam Adani, Chairman of Adani Group, said, “We are very pleased to announce the partnership with POSCO, the world’s most efficient and advanced steel manufacturer, in steel production and carbon reduction.

“This partnership will contribute to the growth of India’s manufacturing industry and the Aatmanirbhar Bharat scheme championed by the Government of India. It will also help to strengthen India’s standing in green businesses.”