Korean Steel Giant POSCO Makes History with World's First Steelmaker Hall of Fame Induction

After 15 years as world's top steelmaker, POSCO eyes hydrogen revolution to maintain technological edge

POSCO Group achieved a historic milestone this week, becoming the first steelmaker ever inducted into the World Steel Dynamics Hall of Fame. The Korean industrial giant earned this recognition after maintaining its position as the world's most competitive steelmaker for 15 consecutive years.

At Wednesday's ceremony in New York, POSCO Group Chairman Chang In-hwa received a commemorative baseball jersey from World Steel Dynamics CEO Philipp Englin before 500 industry leaders. The moment capped an unprecedented run of dominance that began in 2010.

World Steel Dynamics evaluated 35 global steel companies across 23 categories including technological innovation, production scale, cost reduction, financial soundness, and raw material procurement. POSCO consistently outperformed rivals like US Steel, Tata Steel, and China's major producers.

The secret lies in what POSCO calls its "super gap" strategy-building technological advantages so significant that competitors can't easily catch up. This approach has already paid off with innovations like FINEX, the world's first commercially successful technology for making steel directly from iron ore powder.

Now POSCO is betting its future on an even bolder move: completely replacing coal with hydrogen in steelmaking by 2050. "We will continue advancing hydrogen-based steelmaking technology and building intelligent factories powered by AI," Chang declared at the ceremony.

The company's HyREX technology represents a fundamental shift. Traditional steelmaking burns coal to create carbon monoxide, which strips oxygen from iron ore but produces massive CO2 emissions. HyREX uses hydrogen instead, creating only water vapor as a byproduct.

POSCO has already operated a pilot plant that produces 24 tons of molten iron daily, emitting just 400 kg of carbon per ton-dramatically lower than conventional methods. The technology builds on POSCO's existing FINEX process, which uses 25% hydrogen. HyREX aims for 100% hydrogen.

The timeline is aggressive. POSCO plans to complete a 300,000-ton-per-year demonstration plant by 2026 and a 1-million-ton commercial facility by 2030. By 2050, the company intends to convert all its blast furnaces at the massive Pohang and Gwangyang complexes.

The stakes couldn't be higher. Steel production accounts for roughly 7% of global CO2 emissions, and governments worldwide are tightening environmental regulations. Companies that can't decarbonize risk being shut out of major markets.

POSCO's Hall of Fame induction comes as the steel industry faces its biggest transformation since the Industrial Revolution. During his New York visit, Chang met with US energy and AI experts to explore Korea-US collaboration in steel, battery materials, and energy sectors.

The discussions reflect growing recognition that steel's future depends on international cooperation. Hydrogen-based steelmaking requires massive infrastructure investments and new supply chains that no single company can build alone.

POSCO was also selected as a Sustainability Champion by the World Steel Association for the fourth consecutive year, reinforcing its environmental leadership credentials.

European steelmakers like SSAB and Chinese giants are developing their own hydrogen technologies, but they're taking different approaches. While most use shaft furnaces that require processed iron ore pellets, POSCO's fluidized bed reactors can handle cheaper iron ore powder directly.

This technical difference could prove crucial. HyREX can work with more than 50% of globally available iron ore grades and bypasses the costly pelletizing process, potentially giving POSCO a significant cost advantage.

Chang's message was clear: "The Hall of Fame enshrinement marks the beginning of a new chapter for POSCO Group" rather than a victory lap. The company is already investing in AI-powered smart factories and expanding its battery materials business for electric vehicles.

Whether POSCO can maintain its technological edge through the hydrogen transition remains an open question. But after 15 years at the top, the Korean steelmaker has earned the right to be confident about its chances of leading the industry's next chapter.