Hyundai Steel signs MOU with KIER on eco-friendly steelmaking

Hyundai Steel signed a memorandum of understanding with the Korea Institute of Energy Research (KIER) for technical cooperation on eco-friendly steelmaking technology development on Friday.

Hyundai Steel CEO Ahn Dong-il, left, and Korea Institute of Energy Research President Kim Jong-nam pose for a photo during a signing ceremony held in Daejeon, Friday.[HYUNDAI STEEL]

Hyundai Steel signed a memorandum of understanding (MOU) with the Korea Institute of Energy Research (KIER) for technical cooperation on eco-friendly steelmaking technology development on Friday.

The signing ceremony was held at the KIER headquarters in Daejeon, with KIER President Kim Jong-nam and Hyundai Steel CEO Ahn Dong-il in attendance.

The two parties agreed to cooperate on the research and development of carbon emissions reduction technologies, which involve carbon capture, utilization and storage (CCUS) and hydrogen production techniques. Hydrogen production, CCUS, and zero-emission combustion technologies are key to so-called green steel.

Hyundai Steel aims to enhance the efficiency of and optimize operations in its steel mills utilizing KIER’s energy-related technologies, the company said.

Blue hydrogen production technology is one of Hyundai Steel’s priorities, according to the steelmaker. Blue hydrogen is considered a type of eco-friendly hydrogen because the CO2 generated as a byproduct from its manufacturing is captured and stored. Through the MOU, Hyundai Steel plans to accelerate the development of an advanced technology that scales up the amount of hydrogen generated.

The steelmaker has been working in collaboration with KIER since 2016, with the goal of establishing a low-carbon emission production system.

“We plan to further enhance our technological capabilities in energy- and environment-related sectors in collaboration with KIER,” said Hyundai Steel CEO Ahn.

Hyundai Steel has invested more than 500 billion won ($394 million) into building eco-friendly steel production facilities, and plans to install a coke dry quenching system in its steel plant in Dangjin, South Chungcheon in 2024 to cut carbon emissions by 500,000 tons a year.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]