South Korea like Australia has now had its elections.More...

South Korea like Australia has now had its elections.

More importantly, this provides certainty for businesses, especially for our non-binding MOU with POSCO.

The new president was sworn in yesterday in South Korea. As a result, South Korean shares rise to near 11-month high on post-election optimism. One of President Lee's first task is to support the steelmaking business for POSCO amid concerns for their costs. Source

An industry insider said, “The transition to hydrogen is an unavoidable direction, but since it requires an expense of tens of trillions of won, it is burdensome for corporations to bear it alone,” and noted, “Support to get out of the current crisis situation in the steel industry is also essential.”

In South Australia, the Whyalla steel works is yet to find a buyer. The South Australia government has been spruiking hydrogen for years. We all may recall when Peter Malinauskas and DC met with POSCC in a meeting some time ago to discuss SA's goals. Perhaps it's all coming to fruition. Perhaps POSCO and the federal and state governments are nearing an agreement on the Whyalla hydrogen steel works. Perhaps graphite is included in the package. Perhaps, DC was at that luncheon last Friday to welcome the opening of POSCO's R&D research facility in Australia.

Ducks seem to be lining up. Time will tell.

All IMO, DYOR, GLTA(patient)H