Hyundai Steel Signs Joint CCUS Research Agreement with Global Steelmakers

Building a Consortium with Global Companies to Identify Hubs
Accelerating Decarbonization Through Industry-Led CCUS Research

Hyundai Steel announced on August 11 that it will embark on joint research with global steelmakers and related companies to identify potential hubs for carbon capture, utilization, and storage (CCUS).

On the 8th, representatives from participating companies, including Hyundai Steel, took a commemorative photo after signing a joint research agreement. From the left, Mikael Hobbs, BHP Group Sales and Marketing Director; Arvind Bodanker, AM/NS India Head of Sustainability Management; Alice Fletcher, Chevron Vice President of Business Development; Kim Yonghee, Hyundai Steel Executive Director and Head of Process Research Center; Prabodha Acharya, JSW Steel Sustainability Manager; Ken Yasuhara, Mitsui & Co. Head of Carbon Neutral Business; and Jan Kwak, Hatch Head of Climate Change Division. Hyundai Steel

Previously, on August 7 in Singapore, Hyundai Steel formed a consortium with five companies?Australia's BHP, Chevron, Japan's Mitsui & Co., India's JSW Steel, and AM/NS India (a joint venture between ArcelorMittal and Nippon Steel)?and signed a joint study agreement (JSA) to officially launch the "CCUS Hub Study."

The "CCUS Hub Study" is a research project aimed at identifying key hub sites that collect and compress carbon dioxide emitted from various industrial facilities. The project will be managed by the global engineering company Hatch. The carbon dioxide gathered at these onshore hubs will ultimately be transported to offshore storage sites for underground sequestration.

Over the course of 18 months, Hyundai Steel and the participating companies will select potential hub locations in Southeast Asia and northern Australia and explore the commercial viability of constructing such hubs.

With the signing of this joint research agreement, Hyundai Steel has become the first Asian company to participate in an industry-led CCUS study, marking an opportunity to strengthen its global network in this field.

Hyundai Steel has so far pursued its own carbon reduction efforts, while also considering collaboration with overseas industries to reduce carbon dioxide emissions as one of the key strategies for achieving carbon neutrality by 2050.

A Hyundai Steel representative stated, "This consortium is a valuable opportunity to develop a range of carbon reduction technologies, including CCUS, and to expand the possibilities for carbon neutrality. We expect that collaboration with global companies will help enhance the sustainability of the steel industry."

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