▲ Newcom Chairman Baatarmunkh Boldbaatar (3rd from L), POSCO International President Lee Kye-in (3rd from R) and South Korean Climate Minister Kim Sung-hwan (2nd from R) pose for a photo during the signing ceremony of a memorandum of understanding on an energy partnership in Ulaanbaatar, Mongolia, on July 9, 2026, in this photo provided by the ministry. (PHOTO NOT FOR SALE) (Yonhap)

POSCO-Mongolia

POSCO International, Mongolia's Newcom sign MOU on energy partnership

SEOUL, July 10 (Yonhap) -- POSCO International, a trading and energy affiliate of POSCO Group, said Friday it will collaborate with Mongolian energy company Newcom on energy transition projects in the Central Asian nation.

The company said it signed a US$100 million memorandum of understanding on an energy partnership with Newcom during a ceremony in Ulaanbaatar held on the sidelines of President Lee Jae Myung's state visit to the nation.

Under the agreement, the two companies will collaborate on a district heating project based on heat pump technology that recycles waste heat from thermal power plant cooling water into heating water.

POSCO International will oversee overall project development and project financing, as well as engineering, procurement and construction, while Newcom will be responsible for local investment, permits and approvals, and securing project sites.

The partnership comes as Mongolia seeks to expand the use of renewable energy sources as part of efforts to tackle severe winter air pollution caused by its coal-dependent heating system.

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