The World's First Hydrogen Reduction Steelmaking Forum Held... Government Supports Steel Industry R&D with 800 Billion KRW Funding

Minister Moon Seung-wook "Actively Supporting the Steel Industry's Carbon Neutrality Transformation"

Minister of Trade, Industry and Energy Moon Seung-wook is giving a greeting at the 'Semiconductor Solidarity and Cooperation Council' held at the Ara Hall of the Four Seasons Hotel in Jongno-gu, Seoul on the 28th. Photo by Kang Jin-hyung aymsdream@

[Sejong=Asia Economy Reporter Kwon Haeyoung] Steel companies from around the world are gathering in Korea to explore carbon neutrality response measures, including the development of hydrogen reduction steelmaking technology. The Korean government plans to invest 800 billion KRW in research and development (R&D) of hydrogen reduction steelmaking technology to actively support the steel industry's transition to low-carbon processes, which will be directly impacted by carbon neutrality.

On the 6th, Moon Seung-wook, Minister of Trade, Industry and Energy, attended the 'Hydrogen Reduction Steelmaking (HyIS) 2021 Forum' held at the Grand InterContinental Seoul Parnas Hotel and stated, "We plan to actively support the steel industry's major transformation toward carbon neutrality."

This event is the world's first global hydrogen reduction steelmaking event. Attendees include the Secretary-General of the World Steel Association, Australia's government special advisor on low carbon, CTO of Swedish steelmaker SSAB, and head of POSCO's Technology Research Institute, with over 1,200 participants joining online. It is significant as it is the first time steel companies worldwide have gathered to discuss carbon neutrality response measures centered on hydrogen reduction steelmaking technology.

Minister Moon emphasized, "Producing steel through hydrogen reduction overturns the foundation of the carbon-based steel industry," adding, "The government is not only supporting technology development for core hydrogen reduction technologies but also preparing and promoting policies to stably supply green hydrogen and green electricity."

The Ministry of Trade, Industry and Energy will invest 6.7 trillion KRW in R&D for the industrial sector's carbon neutrality transition from 2023 to 2030. Of this, 800 billion KRW will be allocated to hydrogen reduction steelmaking technology development and the construction of a 1 million ton-scale demonstration plant.

Hydrogen reduction steelmaking is a method of producing molten iron using hydrogen instead of coal, emitting water instead of carbon dioxide during the steelmaking process, enabling revolutionary carbon reduction. Globally, the technology is currently at an early laboratory stage, so there is a long way to go before commercialization. Domestic steelmakers plan to complete the development of a 1 million ton-scale demonstration facility by 2030 and convert all current carbon-based steelmaking facilities to hydrogen reduction steelmaking by 2050.

This content was produced with the assistance of AI translation services.