Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Posco, a South Korean steelmaking company, was revealed to have signed a partnership agreement with Adani Group, the Ahmedabad, India, headquartered conglomerate. On Thursday, Jan. 13, it was announced that the two would be working together to build a steel mill in India.
Posco said it would build an integrated steel mill in India in partnership with Adani. It further shared that they will also work on other projects that will help reduce carbon emissions.
According to The Korea Herald, Posco and Adani are now checking out one location located in the western state of Gujarat. They are currently considering this as a possible site for the new steel mill that will be built using the estimated investment worth around $5 billion.
“Under the latest deal, Posco’s strength in steelmaking technology and Adani Group’s expertise in energy and infrastructure will create synergy in future sustainable businesses,” Posco’s chief executive officer, Choi Jeong Woo, said in a statement. “I hope this becomes a role-model project for business cooperation between Korea and India.”
Reuters reported that the steel mill project is part of an agreement between Posco and Adani. The deal will also give the former a new opportunity to cash in on the growing demand for steel in the South Asian region.
Their partnership deal is to explore business opportunities using their $5 billion investment, and they are planning to cover other industries, including hydrogen, logistics, and renewable energy.
Adani is also aiming to put in $20 billion in renewable energy in the 10 years as one of its goals is to make its port business a net-zero carbon emitter by the year 2025.
“We are happy to promote cooperation with Posco, which is the most competitive steelmaker in the world. Gautam Adani, Adani Group’s chairman, said. “This partnership will contribute to the growth of the Indian manufacturing industry and play a major role in strengthening our position in future environmental friendly businesses.”
Adani Group was founded in 1988, and it is the biggest energy and logistics company in India. On the other hand, Posco is also the leading steelmaker and one of the top companies in South Korea.
