POSCO to boost iron scrap purchases by 30% within 6 years

[Courtesy of Dongkuk Steel Mill Co.]

POSCO Group recently announced plans to increase iron scrap purchases by more than 30 percent within six years as part of its shift toward eco-friendly production.

According to a sustainability report released on Monday by POSCO Holdings Inc., a holding company of the steel conglomerate, the steelmaker has increased its target for annual iron scrap usage in 2030 to 9.2 million tons, up from the previous goal of 8.59 million tons. The new target is 33 percent higher than the 6.88 million tons of scrap used in 2022 and 27 percent higher than the 7.25 million tons used in 2023.

POSCO is taking a proactive approach to gathering iron scrap as part of its transition to a carbon-neutral production system by 2050. Construction for a production base is currently underway, with the steelmaker borrowing compressors and other equipment from major scrap suppliers to ensure a stable supply of high-grade scrap, also known as tinplate steel.