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Hyundai Steel CEO An Tong-il presents the firm's carbon neutrality road map. (Hyundai Steel) |
South Korea’s second-largest steelmaker said Friday that it has obtained a low-carbon product certification for its flagship H-beam steel product from the Ministry of Environment, the first to do so in the domestic steel industry.
With the latest attainment, Hyundai Steel has secured Environmental Product Declaration certifications for a total of 13 products and a low-carbon product certification for one item.
Low-carbon product certification is granted to products with carbon emissions below average among EPD-certified goods.
Hyundai's H-beam steel is produced with recycled iron scrap in an electric furnace. With the "Good Recycled" product certification it received two years ago, it was proven that Hyundai Steel's products are eco-friendly of the same kind, contributing to a low-carbon society.
In addition, Hyundai Steel has recently established a product portfolio with low carbon emissions while reducing steel weight by implementing a production system of ultrahigh strength H-shaped beams.
Low-carbon products correspond to green products adopted by the Ministry of Environment and are mandatory products purchased by public institutions under the Act on Promotion of Green Product Purchase.
In addition, the use of low-carbon product materials in residential and non-residential houses can receive additional points in the Green Building Certification, which evaluates the environmental quality of the building. Buildings that receive an excellent grade or higher in the green building certification will be given benefits such as easing of floor area ratio and reduction of acquisition tax.
Hyundai Steel also recently unveiled its 2050 carbon-neutral road map, in which it envisions transforming to a low-carbon production system with blast furnaces and electric furnaces.
"Through this low-carbon product certification, we will show our technology and capabilities with specific electric furnaces," said an official at Hyundai Steel, adding that the company will lead ESG management and accelerate its efforts to reduce carbon emissions.
