State of Alaska and POSCO International Corporation Sign Landmark MOU for Six Alaska Development Projects

Today the State of Alaska entered into a memorandum of understanding with POSCO International Corporation, a leading South Korean energy, mobility, and sustainable infrastructure company, to advance six transformation projects across Alaska.

The agreement, signed by Governor Mike Dunleavy and POSCO International President and CEO Lee Kye-in, establishes a formal framework for collaboration on projects with the potential to reshape Alaska’s energy landscape, strengthen critical minerals supply chains, and improve regional transportational connectivity.

The MOU covers six strategic project areas:

• Mount Augustine Geothermal Energy Project — Developing geothermal resources from one of Alaska’s most active volcanic systems in Cook Inlet
• Mount Augustine Green Methanol Project — Leveraging geothermal energy to produce green methanol as a clean fuel source
• Point MacKenzie SynFuel (SAF) Refinery Project — Establishing a sustainable aviation fuel refinery on the Matanuska-Susitna Borough’s deep-water port corridor
• Bokan-Dotson Ridge Rare Earth Project — Advancing development of one of the most significant rare earth element deposits in the United States on Prince of Wales Island in Southeast Alaska
• Port MacKenzie Port Terminal Infrastructure Project — Expanding port terminal capacity to support increased cargo and industrial activity
• Knik Arm Crossing & Expressway — Progressing the long-envisioned fixed crossing linking Anchorage and the Mat-Su Valley

“Alaska is open for business, and this agreement reflects the world-class investment opportunities our state offers,” Governor Dunleavy said. “POSCO International is a global leader, and their interest in Alaska validates what we have long known – our resources, our geography, and our people position us for extraordinary economic growth. This is the kind of partnership that creates jobs, grows our economy, and secures Alaska’s future.”

“This MOU marks an important step in building a long-term, strategic partnership between the State of Alaska and POSCO International,” said Lee Kye-in, President and CEO of POSCO International. “Alaska’s abundant resources, strategic location, and strong development potential are closely aligned with our global capabilities in energy, infrastructure, and critical minerals. We look forward to working closely with Governor Dunleavy and the State of Alaska to explore these projects responsibly and create meaningful opportunities that can help strengthen supply chains and support sustainable growth for both parties.”

POSCO International Corporation is an international trading and investment company headquartered in Seoul, Republic of Korea, with global operations spanning energy, mobility, and sustainable infrastructure development.

Under the terms of the MOU, the State and POSCO International will explore frameworks, exchange information, and negotiate formal definitive agreements on any or all of the six project areas. The agreement is effective for two years and does not create binding financial obligations for either party, but establishes the foundation for detailed project development work to proceed.

The signing reflects Governor Dunleavy’s continued focus on leveraging Alaska’s natural and geographic advantages to attract investment from global partners in energy, infrastructure, and critical minerals.