Hyundai Steel plans to launch HyECOsteel, a low-carbon brand, to bolster brand marketing in line with the global carbon-neutral transformation in the automobile and shipbuilding industries. HyECOsteel has a strong commitment to “green steel” manufacturing.
The Hyundai Motor affiliate said in April that its steel mill will adopt a “green steel” manufacturing process to better respond to “green protectionism” as evidenced by the European Union’s Carbon Border Adjustment Mechanism (CBAM), a tool it said would promote fair pricing of carbon emitted during the production of carbon-intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries.
Ahead of its first-quarter earnings report, the firm in April unveiled a carbon-neutral growth plan whereby direct and indirect emissions will be cut by 12% by 2030 to achieve net-zero goals in 2050. The Hyundai affiliate plans to produce high-quality steel for low-carbon automobiles while maintaining the quality of blast furnace products. It plans to achieve carbon neutrality by establishing the production system of “electric furnace-blast furnace complex process.”
Hyundai Steel established Hy-Cube, an electric furnace-based carbon-neutral steel production system. It plans to produce low-carbon high-quality plates by 2030, by converting to a hydrogen-based steel production system. The ultimate goal is to become a carbon neutrality leader in the electric furnace sector.