POSCO to invest in EAFs to reduce carbon emissions

Friday, 23 September 2022 14:02:40 (GMT+3)   |   Istanbul
       

South Korea-based steelmaker POSCO will invest KRW 20 trillion ($14.1 billion) to reduce its carbon emissions from its operations, according to a report by Nikkei Asia.

The company plans to build one electric arc furnace each at its Gwangyang and Pohang Works. The electric arc furnaces, which will replace blast furnaces which will be shut down, will start operations  in 2025 and 2027, respectively.

The company currently uses electric arc furnaces for only certain products such as stainless steel, while its blast furnaces produce higher quality steel.

POSCO aims to decrease its overall carbon emissions to 71 million mt by 2030 from 78.5 million mt last year, while still expanding its production capacity.

The company will introduce new technology that can enable coking coal to be replaced with green hydrogen. POSCO may use this technology at the second blast furnace to be built in Indonesia and one blast furnace in India over the next five years, SteelOrbis understands.


Similar articles

PT Krakatau Steel and POSCO to build new BF in JV to expand production capacity

28 Jul | Steel News

POSCO builds new continuous galvanizing line

03 Sep | Steel News

POSCO completes new hot rolling mill in Gwangyang

11 Nov | Steel News

POSCO breaks ground for continuous galvanizing line in Thailand

28 Oct | Steel News

POSCO and Chongqing ink joint investment deal

04 Jul | Steel News

POSCO SS breaks ground for Vietnamese long steel facility

28 Jun | Steel News

POSCO’s overseas projects progressing on schedule

30 Apr | Steel News

POSCO to reduce 2011 capital expenditure by 14 percent

21 Oct | Steel News

POSCO aims to establish more steel processing plants worldwide

20 Oct | Steel News

POSCO and Assan Celik breaks ground for the stainless cold rolling plant in Turkey

28 Sep | Steel News