Posted on 28 Apr 2023
Hyundai Steel disclosed a plan to reduce its direct and indirect carbon emissions by 12 percent by 2030, as part of its efforts to achieve net zero by 2050.
"Amid climate change, developed countries have focused on protecting their industries and holding dominant positions in advance," Hyundai Steel CEO An Tong-il said in a video released on Wednesday. "Carbon neutrality is not a choice. It is compulsory, so we will make every effort to secure new growth engines and become a sustainable and eco-friendly steelmaker."
Hyundai Steel attributed the latest decision to the European Union's Carbon Border Adjustment Mechanism, the U.S. Global Sustainable Steel Arrangement and the global trend of tightening regulations on carbon emissions.
The company plans to introduce a manufacturing process that integrates electric arc and basic oxygen furnaces, with the aim of producing low-carbon automotive steel, while maintaining the quality of its products.
In the first phase, Hyundai Steel will use its existing electric arc furnace to mix low-carbon molten iron to its basic oxygen furnace. In the second phase, the steelmaker will build a new electric arc furnace to produce low-carbon steel products made with a method that cuts 40 percent of carbon emissions.
The new electric arc furnace will adopt "Hy-Cube" technology, the company's independent technology for production of low-carbon products. Hyundai Steel said the technology can minimize carbon emissions by combining steel scraps, molten iron and direct reduced iron (DRI) on an electric arc furnace.
Under the brand name of HyECOsteel, the low-carbon products based on Hy-Cube technology will be supplied to Hyundai Steel's global customers.
Hyundai Steel has already produced automotive steel plates by using its electric arc furnace. Last October, it succeeded in the world's first production of high-grade 1.0 GPa steel plates using an electric furnace. In addition, the company is participating in KEEP 30, a government-led partnership to enhance energy efficiency.
"We plan to make efforts to reduce energy consumption and develop technologies to cut carbon emissions from a basic oxygen furnace," Hyundai Steel said in a press release.
Source:The Korea Times
