Hyundai Steel has launched its own low-carbon steel brand, HyECOsteel, furthering its commitment to achieve its goal of carbon neutrality.
The launch comes after the South Korean company unveiled in April its carbon neutrality road map to reduce carbon emissions by 12% by 2030, and achieve net zero by 2050.
“Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries.”
An Tong-il, Hyundai Steel CEO
Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Steel CEO, An Tong-il.
“Carbon neutrality is not an option but a must. We will pour resources into nurturing new growth drivers and taking another big leap as a sustainable, eco-friendly steel maker,” Tong-il added.
As part of its decarbonization efforts, the company also plans toconstruct new electric arc furnaces, which will be a part of a production system for low-carbon steel called Hy-Cube.
Hy-Cube minimizes carbon emissions, says Hyundai Steel, while producing high-quality steel sheets by combining scrap metal, molten iron from blast furnaces and hydrogen-based directly-reduced iron. The company expects this will help reduce its carbon emissions by approximately 40% by 2030.
According to a report by The Korea Herald, the company aims to have an annual production capacity of 5Mt of low-carbon steel products by 2030, while marketing the products under the new brand HyECOsteel.
"We will proactively respond to the low-carbon product market by leveraging carbon neutrality technologies,” the company said.
Source: The Korea Herald