By Diplomacy Journal Lee Kap-soo

POSCO Group Chairman Chang In-hwa held a meeting with Australian Prime Minister Anthony Albanese who visited POSCO's Pohang Steel Mill, which represents economic cooperation between Korea and Australia, on Oct. 30, 2025.

Prime Minister Albanese, who came to Korea on the occasion of the Asia-Pacific Economic Cooperation (APEC) Summit, visited the Pohang Steel Mill's raw material dock, where he observed the actual use of Australian iron ore and coking coal.

POSCO Group began purchasing Australian iron ore in 1971 and has used over 1.5 billion tons of Australian iron ore and coking coal to date.

Prime Minister Albanese said, "Australia, with its world-class resources, offers limitless opportunities for industrial growth through investment in key minerals. Australia's abundant resources will serve as a driving force for the global economy, and we will continue to expand cooperation with Korea."

POSCO Group Chairman Chang In-hwa stated in his meeting with Prime Minister Albanese, "Australia is a strategic partner with which we can explore future growth industries beyond steel, including secondary battery materials and energy. I expect this visit will serve as a catalyst for solidifying trust between our two countries."

POSCO Group, which began investing in the Roy Hill iron ore mine in Australia in 2010, is currently pursuing a project to produce HBI, a low-carbon steelmaking raw material, in Australia. The company also plans to expand its natural gas business with the acquisition of Senex Energy in 2022.

Prior to the Prime Minister's meeting, POSCO Group signed a Memorandum of Understanding (MOU) with BHP, a leading global raw materials company in Australia, to collaborate on research and development (R&D) for Hyrex, a carbon-reducing steelmaking process.

Under this agreement, BHP will provide iron ore raw materials and technological know-how necessary for the test operation of the Hyrex demonstration plant.

POSCO Group plans to develop its collaboration with BHP into a successful example of climate change response, where global steelmakers and raw materials suppliers collaborate.