Hyundai Steel signs a contract with Brazil's Vale to reduce carbon emission

Hyundai Steel Company announced on the 1st that it has recently signed a memorandum of understanding (MOU) agreement with Brazil's Vale, one of the world's largest mining companies, to seek ways to cooperate, including greenhouse gas emissions reduction and low-carbon raw materials development.

This MOU was made as both companies' interests coincided in greenhouse gas reduction and the need to secure competitive low-carbon raw materials as the business environment changes with growing social demand for carbon emission reduction.

Hyundai Steel is aiming to reduce carbon emissions by 20% by 2030 and realize carbon neutrality by 2050. Also, demand for low-carbon steel sheets is expected to increase significantly in steel industries such as automobile industry to realize carbon neutrality.

Vale also presented its goal to achieve carbon neutrality in 2050 according to Paris Agreement.

The two companies are planning to cooperate in finding ways to reduce greenhouse gases, conducting feasibility study for low-carbon solutions, discussing and consulting on them.

In particular, attention is drawn to the feasibility review of iron ore briquettes, which is expected to be a low-carbon replacement. Iron ore briquettes are low-carbon steel material produced at a low temperature of about 200 degrees and was developed to replace shaft furnace's sintering, lump, and pellet processes. (ANI/Global Economic)

( With inputs from ANI )

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