PKXFF - Rio Tinto slides 7% premarket after announcing MoU with POSCO to explore low-carbon emission steel value chain

Hiroyuki/iStock via Getty Images Rio Tinto (RIO) and POSCO (PKX), the largest steel producer in South Korea, have signed a memorandum of understanding, or MoU, 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 decarbonization 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. Both parties aims to to become carbon-neutral by 2050 2050. Shares are down 6.88% PM.

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Rio Tinto slides 7% premarket after announcing MoU with POSCO to explore low-carbon emission steel value chain