Hyundai Steel CEO Ahn Dong-il, left, and President of Korea Institute of Energy Research Kim Jong-nam pose for a picture after signing a memorandum of understanding to cooperate on achieving carbon neutrality at KIER's building in Daejeon, on May 20. Courtesy of Hyundai Steel

By Kim Jae-heun

Hyundai Steel will push for comprehensive technological cooperation with the Korea Institute of Energy Research (KIER) to lead the push for carbon neutrality in the energy and environment sector, the company said Friday.

The steelmaker signed a memorandum of understanding (MOU) with KIER at its building in Daejeon, where they agreed to share carbon capture and utilization storage technology (CCUS), as well as hydrogen production and energy efficiency improvement technology.

Hyundai Steel plans to improve its performance in steel production and optimize its facilities' operations by utilizing KIER's energy-related technologies.

The two parties will also develop technologies that can realize carbon neutrality in the mid to long term, involving hydrogen production, CCUS and carbon-free combustion.

"Through this MOU, we especially expect a high degree of benefits based on the exchange of blue hydrogen production technology that changes the component in byproduct gas to double the production of hydrogen. Before, we simply separated and purified hydrogen in byproduct gas," a Hyundai Steel official said.

The company is also considering using CCUS-related technology in the steelmaking process, such as carbon dioxide capture technology and product conversion technology using carbon dioxide owned by KIER.

"As carbon neutrality is the most important goal for companies aiming to achieve sustainable growth, we will take the lead in building a low-carbon environment in the steel industry through various types of technological cooperation and active investment," Hyundai Steel CEO Ahn Dong-il said.

Hyundai Steel has invested more than 500 billion won ($392.5 million) into building eco-friendly steel production facilities to promote its low-carbon business. It aims to reduce carbon emissions by 500,000 tons annually by installing a Coke Dry Quenching system at Dangjin Steel Mills by 2024, while reducing 60 percent of air pollutants, such as sulfur oxides, by installing an additional air pollutant-reducing system in the heating and annealing furnaces.