“The developed countries of the world are focused on gaining an advantage in the climate sector earlier and protecting their industries,” said An Tong-il, CEO of Hyundai Steel.
"Carbon neutrality is a necessity, not an option. We will invest resources to create new growth factors and take another big step as a sustainable and environmentally friendly steelmaker."
As part of its decarbonization efforts, the company also plans to build new electric arc furnaces that will be part of a low-carbon steelmaking system called Hy-Cube.
Hyundai Steel claims that Hy-Cube combines scrap metal, molten iron from blast furnaces and hydrogen-based direct reduced iron to produce high-quality steel sheets while minimizing carbon emissions. The company expects this to help reduce carbon emissions by around 40% by 2030.
By marketing its products under the new HyECOsteel brand, the company aims to have an annual production capacity of 5 million tons of "low carbon" steel products by 2030.
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