SEOUL, May 27 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steelmaker, said on Thursday it will launch production of high-end steel materials by establishing Hy-Cube, a new steel production system based on an electric furnace.
The Hy-Cube technology is based on a new concept of electric furnace called Hy-Arc, an improved version of an existing electric furnace whose function is limited to creating molten pig iron by melting offcuts.
In addition to this function, Hy-Arc can also melt steel components, remove impurities and add new components.
To minimize carbon generation, Hyundai Steel plans to produce high-end steel sheets, including those for automobiles, using scrap, molten iron and direct reduced iron (DRI).
The company also aims to start production of high-end low-carbon steel plate by switching to a hydrogen-based steel production system by 2030.
“We already produce more than 10 million tons of electric ovens per year. Compared with blast furnace products, electric furnace products can reduce carbon emissions by 75% due to component characteristics and processing,” said Hyundai Steel.
“As a result, we are in a better position to achieve carbon neutrality than other blast-furnace-centric steel companies.”
Ashley Song ([email protected])