POSCO Group, Rapid Steps Toward Carbon Neutrality with Hydrogen Reduction Steelmaking and CCUS

Introduction of Carbon Neutral Exhibition Hall at Climate Industry International Expo

POSCO Group announced on the 3rd that it will participate in the '2024 Climate Industry International Expo' held at BEXCO in Busan from the 4th to the 6th, showcasing its carbon neutrality capabilities and business synergies.

Marking its fourth year of participation, POSCO Group will operate an integrated exhibition hall for the first time, emphasizing synergy among six group companies including the holding company POSCO Holdings, POSCO, POSCO International, POSCO E&C, POSCO Future M, and POSCO Mobility Solutions.

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Focusing on core carbon neutrality technologies in the steel business such as POSCO's hydrogen reduction steelmaking technology 'HyREX,' the group will primarily introduce its carbon reduction capabilities and businesses across the steel and related upstream and downstream industries.

Additionally, detailed exhibits will include hydrogen production and carbon capture, utilization, and storage (CCUS) technologies, carbon reduction bridge technologies applicable to existing steelmaking processes prior to the commercialization of HyREX technology, domestic low-carbon energy infrastructure and carbon reduction power generation technologies, secondary battery material business, drive motor core business, and carbon reduction design, procurement, and construction (EPC) business.

POSCO Group is accelerating the development of HyREX technology in line with its 2050 carbon neutrality roadmap. This technology is based on POSCO's proprietary FINEX fluidized reduction furnace technology and is a hydrogen reduction steelmaking process using powdered iron ore and hydrogen, expected to reduce carbon emissions compared to the conventional blast furnace method that uses coal.

POSCO has started basic design for the hydrogen reduction steelmaking demonstration in connection with national carbon neutrality projects and opened a hydrogen reduction steelmaking development center at the Pohang Steelworks in January this year. The hydrogen reduction steelmaking technology has been recognized as a national strategic technology due to its strategic importance to the steel industry and its impact on the national economy. The hydrogen reduction steelmaking demonstration project was also selected as a priority preliminary feasibility study project by the Ministry of Trade, Industry and Energy. Furthermore, the HyREX demonstration plant will be promoted in conjunction with the government’s hydrogen reduction steelmaking demonstration project, with plans to complete the development of commercial technology by 2030.