The State of Alaska and POSCO International Corporation signed a memorandum of understanding on May 18, 2026, to advance six transformative projects across Alaska. This agreement aims to reshape the state’s energy landscape, strengthen critical minerals supply chains, and improve regional transportation connectivity.
Governor Mike Dunleavy and POSCO International President and CEO Lee Kye-in formalized the collaboration in Anchorage. The strategic project areas include developing geothermal energy and producing green methanol at Mount Augustine, establishing a sustainable aviation fuel refinery at Point MacKenzie, and advancing the Bokan-Dotson Ridge Rare Earth Project on Prince of Wales Island.
Further initiatives involve expanding the Port MacKenzie Port Terminal infrastructure and progressing the Knik Arm Crossing & Expressway, linking Anchorage and the Mat-Su Valley. Governor Dunleavy said, "Alaska is open for business, and this agreement reflects the world-class investment opportunities our state offers."
Lee Kye-in added that Alaska’s "abundant resources, strategic location, and strong development potential are closely aligned with our global capabilities." The two-year MOU establishes a framework for information exchange and negotiations for definitive agreements, though it does not create binding financial obligations for either party.