South Korean steelmaker Hyundai Steel has announced that it has signed a memorandum of understanding with the Korea Energy Research Institute (KIER) for technical cooperation in the energy and environmental fields to lead the carbon neutrality of the steel industry.
The parties will work together to develop technologies for carbon capture, utilization and storage, as well as technologies that can improve the production of hydrogen and energy efficiency.
According to the agreement, Hyundai Steel plans to utilize the leading energy-related technologies possessed by the KIER to improve the performance of steelwork facilities and optimize operations.
Meanwhile, Hyundai Steel has invested more than KRW 500 billion to create an eco-friendly steel mill. The company aims to reduce annual carbon emissions by 500,000 tons by installing a coke dry quenching system at Dangjin Works by 2024.