POSCO Group chairman In-hwa Jang represented Korea at the 45th Joint Meeting of the Korea-Australia Business Council, advocating for the growth of future-oriented relations between the two countries. Established in 1979, the Council has become a cornerstone of economic collaboration between Korea and Australia, with this year’s meeting attended by over 250 representatives from political and economic circles of both nations.

This year’s meeting held special significance as it marked the 10th anniversary of the Korea-Australia Free Trade Agreement, which has played a crucial role in strengthening bilateral cooperation. The event underscored the importance of the Korea-Australia Business Council and KAFTA in enhancing economic ties between the two countries.

Jang In-hwa, chairman of the Korea-Australia Business Council (KABC) (POSCO Group chairman)(right) and Martin Ferguson, chairman of the Australia-Korea Business Council (AKBC)

Attendees from Korea included POSCO group chairman In-hwa Jang, who also serves as chairman of the Australia-Korea Business Council (AKBC), the head of the office of Trade Negotiations In-gyo Jeong, and the new Korean ambassador to Australia Seung-seob Sim. The Australian delegation was represented by AKBC chairman Martin Ferguson, minister for trade and tourism Don Farrell, Western Australia prime minister Roger Cook, and Australian ambassador to Korea Jeff Robinson.

In his opening remarks, chairman Jang highlighted the evolving relationship between Korea and Australia, stating, “Korea and Australia are participating in pioneering a clean future encompassing eco-friendly materials and infrastructure innovation beyond traditional resource cooperation in minerals and energy. We anticipate that closer economic cooperation will help us secure greater competitiveness and opportunities in the global market.”

Since the early 1980s, POSCO Group has been expanding cooperation with Australia, a key partner in the supply chain of essential minerals such as iron ore, lithium, and nickel. POSCO’s cumulative investments in Australia amount to 4 trillion won, and Korea imports steel materials worth more than 7 billion dollars annually from Australia, representing 70 percent of Korea’s total raw material purchases.

In light of rising global geopolitical risks and the trend of “friend shoring”—where allied nations collaborate to build resilient supply chains—POSCO Group aims to further strengthen its ties with Australia, leveraging decades of resource development cooperation to drive economic and industrial growth in both countries.

During the joint meeting, the two countries explored cooperation in five key areas: key mineral supply chain, AI and startups, defense and aerospace, food and infrastructure, and clean energy.

Chairman Jang will also engage in one-on-one discussions with key Australian government officials, including minister for trade and tourism Don Farrell, minister for resources Madeleine King, and Western Australia prime minister Roger Cook, as well as top executives from major corporations. He plans to share POSCO Group’s vision and seek support for key projects, such as the HBI project in Australia, as well as initiatives involving lithium for secondary cell materials and graphite.

Additionally, Jang will meet with Kathleen Conlon, chairman of Pilbara Minerals, to discuss the stable supply of lithium concentrate to POSCO Pilbara Lithium Solution, a joint venture between the two companies, and explore further cooperation in the lithium sector.

On September 4, Jang attended a dedication ceremony for the Korean War Veterans Memorial Auditorium, built in collaboration with Roy Hill, an Australian raw material partner. The memorial honours the sacrifices of Australian war veterans and symbolises the enduring value of peace and solidarity achieved through overcoming the adversities of war.

POSCO Group continues to strengthen its cooperative relationship with Australia not only in steel materials but also in future business areas such as HBI, hydrogen, and lithium. The company plans to build strategic partnerships and pursue collaborations in emerging sectors, including graphite and rare earth elements, to foster mutual growth and innovation between Korea and Australia.

For more information visit www.posco.com

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