HyREX aims to reduce carbon emissions by 97% by using hydrogen instead of coal to reduce iron ore. POSCO aims to commercialize HyREX by 2030 and gradually replace blast furnaces with the new technology by 2050.
Another step towards carbon neutrality is the use of electric arc furnaces. These furnaces reduce carbon emissions by 75% compared to traditional methods. POSCO is constructing an electric arc furnace with an annual production capacity of 2.5 million tons at its Gwangyang facility, expected to be operational by 2026.
A new team dedicated solely to carbon neutrality, established under the supervision of POSCO's CEO, is overseeing this transformation. The team is not only managing HyREX and electric arc furnaces but also researching other low-carbon technologies like carbon capture and storage.
POSCO's move could herald a significant change in global steel production. The success of the company may encourage other steel producers to take similar steps.
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