"Let's Find Steelmaking Methods with Low Carbon Emissions" Hyundai Steel and Vale Join Hands

Hyundai Steel Dangjin Steelworks

[Asia Economy Reporter Choi Dae-yeol] Hyundai Steel announced on the 1st that it has signed a Memorandum of Understanding (MOU) with Vale, a Brazilian company considered the world's largest mining company, to collaborate on reducing greenhouse gas emissions.

As societal demands for carbon emission reductions increase, the need to secure competitive low-carbon raw materials has grown, aligning the interests of the two companies and leading to this partnership. Under the MOU, they will work together to develop measures to reduce greenhouse gas emissions and jointly conduct feasibility assessments on methods to utilize low-carbon raw materials.

In particular, they agreed to examine whether iron ore briquettes, considered one of the low-carbon alternatives, are appropriate. These briquettes are low-carbon iron sources produced at a low temperature of 200°C, developed to replace sintering, lump ore, and pellets in blast furnaces. Hyundai Steel will conduct technical and feasibility reviews on various low-carbon iron sources, including high-grade pellets and HBI, along with this. They also plan to discuss establishing a joint venture (JV) to supply these products in the future.

Hyundai Steel aims to reduce carbon emissions by 20% by 2030 and achieve carbon neutrality by 2050. Vale has also committed to achieving carbon neutrality by 2050 in accordance with the Paris Agreement.

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