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Rio Tinto Signs Climate MOU With South Korean Customer POSCO

Anglo-Australian mining giant Rio Tinto Plc (RTNTF,RIO,RIO.L, RTPPF) Thursday said it has signed a Memorandum of Understanding or MoU with its customer and South Korean steel producer POSCO.

The companies plan to jointly explore, develop and demonstrate technologies to transition to a low-carbon emission steel value chain.

The partnership will explore a range of technologies for decarbonisation across the entire steel value chain from iron ore mining to steelmaking, including integrating Rio Tinto's iron ore processing technology and POSCO's steelmaking technology.

Rio Tinto said it is committed to work in partnerships with customers on steel decarbonisation pathways and to invest in technologies that could deliver reductions in steelmaking carbon intensity of at least 30% from 2030 or with potential to deliver carbon neutral steelmaking pathways by 2050.

Both Rio Tinto and POSCO share the ambition to reach net zero carbon emissions by 2050.

As part of its climate strategy, Rio Tinto has already entered into partnerships with the world's largest steel producer, China Baowu Steel Group, Tsinghua University, and Japan's largest steel producer, Nippon Steel Corp.

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