Australia approves POSCO’s $3B low-carbon iron plant
POSCO Holdings (PKX) has secured Western Australian government approval for its A$4.3B ($3B) low-carbon iron project near Port Hedland, clearing a key regulatory hurdle.
The Port Hedland Iron project will process 3M to 3.5M tons of iron ore annually, producing about 2M tons of hot-briquetted iron and 700,000 tons of iron ore pellets for export.
POSCO (PKX) is developing the project through a joint venture in which it holds a 51% stake, alongside Japan’s Marubeni Corporation (MARUY) and Taiwan’s China Steel Corporation, which own 24.5% each. The partners are targeting annual production of 2M tons of hot-briquetted iron and exports of 700,000 tons of iron ore pellets.
Despite the federal approval, the project has yet to reach a final investment decision. Construction of the first stage was proposed to begin in Q1 2027, subject to that decision.
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