Hyundai Steel unveils roadmap for carbon neutrality

South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050.

For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030.

“Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Steel CEO An Tong-il. “Carbon neutrality is not an option but a must. We will pour resources into nurturing new growth drivers and taking another big leap as a sustainable, eco-friendly steel maker.”

Hyundai Steel intends to counter this by leading the market with mass production of high-quality, low-carbon automotive steel while meeting the expectations of its investors.

The key to this multiphase plan lies in the company’s unique business structure, which revolves around a process of combining electric arc furnaces and blast furnaces to produce crude steel.

The products that are manufactured from this process will be branded under “HyECOsteel” – the company’s low carbon steel brand.

As a participant in the Korea Energy Efficiency Partnership, also known as KEEP 30, Hyundai Steel also said that it would pursue practical innovation, establish more efficient energy management, and maintain the competitiveness of the Korean steel industry.

Shortly after the roadmap announcement, the company disclosed figures for its first-quarter sales, profits and net income rate, which were up 6.8 percent, 5.2 percent and 3.4 percent, respectively, revealing an overall surplus turnaround.