POSCO inks deal with US-based clean iron technology firm

South Korea’s POSCO has signed a joint development agreement with Boulder, Colo.-based clean iron technology company Electra.

The project aims to scale clean iron production technologies.

Electra also announced an investment from POSCO Investment, which is the corporate venture capital (CVC) arm of POSCO Group. Further terms were not revealed.

“Our CVC investment into Electra is our inaugural overseas strategic move, holding special significance as a climate-focused initiative aligned with the era of decarbonization,” Keunhwan Kim, CEO of POSCO Investment, said in a statement on Tuesday.

Electra said the companies will test how POSCO’s decarb technology developments can integrate with Electra’s Clean Iron system at commercial scale. The company notes it delivers 99% pure iron as a feedstock for electric-arc furnace (EAF) steelmakers to produce high‑grade steel.

Recall that POSCO has a 20% stake in a proposed EAF mill with fellow South Korean firm Hyundai in Louisiana.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Ethan Bernard

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