Hyundai Steel Accelerates Decarbonization Management... Agreement with Energy Technology Research Institute

Hyundai Steel has signed a business agreement with the Korea Institute of Energy Technology to accelerate decarbonization management. From the left, Andong-il, President of Hyundai Steel, and Kim Jong-nam, Director of the Korea Institute of Energy Technology. (Photo by Hyundai Steel)

[Asia Economy Reporter Moon Chaeseok] Hyundai Steel announced on the 20th that it will promote comprehensive technological cooperation in the energy and environmental fields with the Korea Institute of Energy Research to achieve carbon neutrality in the steel industry.

On the same day, Hyundai Steel announced that it signed a carbon neutrality memorandum of understanding (MOU) with the Korea Institute of Energy Research for cooperation on CCUS (carbon capture, utilization, and storage technology), hydrogen production, and energy efficiency improvement technologies.

Hyundai Steel plans to utilize the leading energy-related technologies possessed by the Korea Institute of Energy Research to improve the performance of steel mill facilities and optimize operations. It also plans to promote the development of technologies that can achieve carbon neutrality in the mid to long term, such as hydrogen production, CCUS, and carbon-free combustion, which are foundational technologies for "green steel." Hyundai Steel explained, "What is particularly expected from this MOU signing is the development of 'blue hydrogen' production technology that doubles hydrogen production by changing the components within by-product gas itself, unlike the existing commercial technology that simply separates and purifies hydrogen within by-product gas."

Hyundai Steel will also actively consider ways to apply CCUS-related technologies, such as carbon dioxide capture technology and carbon dioxide conversion technology possessed by the Korea Institute of Energy Research, to steelmaking processes. Andongil, CEO of Hyundai Steel, said, "Carbon neutrality is the most important factor for sustainable growth of companies, and we will take the lead in establishing a low-carbon environment in the steel industry through various technological cooperation and active investment."

Hyundai Steel is investing more than 500 billion KRW to promote low-carbon projects to create an eco-friendly steel mill. Around 2024, it plans to install dry quenching facilities at the coke plant of the Dangjin Steelworks to reduce carbon emissions by 500,000 tons annually, and additionally install air pollutant reduction facilities in heating furnaces and soaking pits to reduce air pollutants such as sulfur oxides by more than 60%.

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