Hyundai Steel Signs MOU for 'Carbon Reduction' Technology Cooperation with Korea Institute of Geoscience and Mineral Resources

Hyundai Steel and the Korea Institute of Geoscience and Mineral Resources signed a Memorandum of Understanding (MOU) for technological cooperation to achieve carbon neutrality in the steel raw materials sector. Choi Joo-tae, Head of Research and Development at Hyundai Steel, and Lee Pyeong-gu, President of the Korea Institute of Geoscience and Mineral Resources, are taking a commemorative photo on the 23rd at the Korea Institute of Geoscience and Mineral Resources in Daejeon.

[Asia Economy Reporter Donghoon Jeong] Hyundai Steel is promoting technological cooperation in the raw material sector for carbon neutrality at steelworks with the Korea Institute of Geoscience and Mineral Resources (KIGAM).

On the 24th, Hyundai Steel announced that on the previous day (23rd), Lee Pyeong-gu, President of KIGAM, Choi Joo-tae, Head of Hyundai Steel's R&D Division, and others attended and signed a "Memorandum of Understanding for Cooperation in Developing Optimal Utilization and Operation Technologies for Steelworks Raw Materials" at KIGAM located in Daejeon.

Through this agreement, Hyundai Steel will be able to establish a strategic partnership related to carbon-neutral technologies in the steel raw material sector. It is expected to actively adopt and utilize the leading mineral resource technologies possessed by KIGAM.

Therefore, it is anticipated that the development of technologies enabling mid- to long-term low-carbon steelworks operation, such as carbon-neutral raw materials, resource recycling, and raw material analysis technologies?which are foundational technologies for "Green Steel"?will accelerate.

Additionally, by utilizing resource recycling technologies owned by KIGAM, it is expected not only to enhance the added value of waste resources but also to further reduce carbon and harmful substance emissions generated during raw material usage.

A Hyundai Steel research institute official stated, "Through this technology exchange, we have developed new raw material analysis technologies and applied them to production, thereby improving the efficiency of steel raw material management and operation." He added, "Improving raw material quality can contribute to enhancing the quality of steel products and is expected to play a significant role in achieving carbon neutrality at steelworks."

KIGAM is the only specialized research institute in Korea with expert research personnel and infrastructure in the mineral resource field. It has organizations such as the Mineral Resources Research Division, Resource Utilization Research Division, and Climate Change Response Research Division, which are expected to greatly assist Hyundai Steel's sustainable growth by strengthening carbon neutrality and ESG management policies.

At the event, Lee Pyeong-gu, President of KIGAM, said in his greeting, "The steel industry supplies products to core industries including automobiles and shipbuilding, so research on steelworks raw materials is very important to enhance industrial competitiveness." He added, "Through this Memorandum of Understanding (MOU), we hope not only steelworks but also the overall competitiveness of Korea's industry will improve in the mid to long term."

Choi Joo-tae, Head of Hyundai Steel's R&D Division, said, "We are very excited to cooperate with the only specialized research institute in the mineral resource field in Korea." He added, "Since eco-friendly management is the most important requirement for sustainable corporate growth, we will take the lead in realizing low-carbon management in the steel industry through active technology exchange."

Meanwhile, Hyundai Steel is leading the steel industry's carbon neutrality by actively pursuing broad technological cooperation to create eco-friendly steelworks, such as signing an MOU for carbon-neutral technology cooperation in the energy sector with the Korea Institute of Energy Research on the 20th.