Posco Holdings Rises After Green Hydrogen Deal
By Kwanwoo Jun
Posco Holdings' shares rose Thursday after the South Korean steelmaker-led consortium signed a final contract for a green-hydrogen project in Oman.
Shares of the steel giant climbed as much as 4.2% to 398,500 won ($309.22) in early afternoon trading, outperforming the stock benchmark Kospi's 0.4% gain.
Posco said Thursday its consortium--comprising six companies from South Korea, France and Thailand--finalized the deal with Oman's state energy company Hydrom to produce 220,000 tons of green hydrogen annually from 2030 at facilities to be built in Dugm, in central eastern Oman.
The deal gives the consortium exclusive rights for 47 years to produce green hydrogen there, Posco said.
Posco aims to produce carbon-neutral steel using hydrogen, instead of fossil fuels, by 2050.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
June 22, 2023 01:14 ET (05:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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