Choi Jung-woo, Chairman of POSCO Group, emphasized the need for the global steel industry to accelerate technological innovation to achieve carbon neutrality together.
Chairman Choi made this statement on the 5th at the ‘1st Breakthrough Technology Conference’ hosted by the World Steel Association in Abu Dhabi, United Arab Emirates (UAE). In April this year, he officially proposed at the World Steel Association members' meeting to jointly discuss carbon neutrality in the global steel industry and the collaborative development of feasible low-carbon technologies. All member companies strongly agreed with Chairman Choi’s proposal, leading to the successful organization of the Breakthrough Technology Conference.
The conference was attended by over 300 representatives from global steelmakers such as ArcelorMittal, Nippon Steel, US Steel, and Ternium, as well as leading engineering firms including Primetals and Tenova. They shared achievements in low-carbon innovative technologies in the steel industry, represented by hydrogen reduction steelmaking technology and CCUS (Carbon Capture Utilization and Storage), and discussed cooperation measures among members to expedite the achievement of carbon neutrality.
In his keynote speech on the first day, Chairman Choi repeatedly emphasized that maintaining and developing a sustainable steel industry is both a mission and a challenge of our time. He stated that this conference would serve as an important cornerstone for the global steel industry, which faces the formidable challenge of carbon neutrality, to unite and accelerate the pace of technological innovation.
He continued by saying that the journey toward carbon neutrality in the steel industry has already begun, and investments in low-carbon new technologies and processes must also be made sustainably. In particular, he urged, "To minimize redundant efforts among member companies in developing low-carbon steel manufacturing processes, let us jointly pursue R&D on similar topics to accelerate the steel industry's low-carbon transition."
He also added that efforts should be made together to ensure that the World Steel Association’s carbon emission measurement method becomes the industry standard in more countries.
The Breakthrough Technology Conference, held for the first time this year, expanded the themes and scope of the Hydrogen Iron & Steel Making Forum. It was conducted over two days under three main themes: hydrogen reduction steelmaking technology, low-carbon technologies that improve energy efficiency of existing facilities, and new electric furnace technologies. During the conference, POSCO attracted attention by presenting its carbon neutrality strategy, the development status of its proprietary hydrogen reduction steelmaking technology ‘HyREX (Hydrogen Reduction Ironmaking)’, and low-carbon bridge technologies.
Meanwhile, POSCO received favorable reviews for exhibiting its hydrogen reduction steelmaking technology, which produces eco-friendly steel using hydrogen instead of coal, at the Korean Pavilion during the ‘28th United Nations Climate Change Conference of the Parties (COP28)’ held in Dubai, UAE, from the 30th of last month to the 3rd. On the 9th, POSCO will also co-host an international seminar with the POSCO Research Institute on the theme of ‘Decarbonization of the Steel Value Chain.’ POSCO aims to complete the introduction of a hydrogen reduction steelmaking demonstration plant and the development of commercialization technologies by 2030, and achieve carbon neutrality by 2050 through phased facility transitions.
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