Hyundai Steel has launched a joint effort toward carbon neutrality in Asia-Pacific

Hyundai Steel announced on August 11 that it has formed a consortium with five companies, including Australia's BHP, Chevron, Japan's Mitsui & Co., India's JSW Steel, and AM/NS India, and signed a joint study agreement (JSA) to launch the “CCUS Hub Study.”

The project aims to identify suitable centers for the collection, compression, and processing of carbon dioxide from various industrial facilities in a single location. After being collected at the land-based center, the carbon dioxide will be transferred to marine storage facilities and safely stored underground.

Hyundai Steel and consortium members will conduct an 18-month study to select candidate centers in Southeast Asia and Northern Australia and assess the feasibility of constructing the centers.

In addition to its carbon reduction efforts, the company stated that CCUS technologies will play an important role in achieving carbon neutrality by 2050 and that it will continue its work in this area in collaboration with overseas industrial organizations.

Hyundai Steel stated, “This consortium is an important opportunity to develop various carbon reduction technologies, including CCUS, and increase the likelihood of achieving carbon neutrality. We will contribute to the sustainability of the steel industry through global cooperation.”