SEOUL, May 27 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Thursday it will launch the production of high-end steel materials by establishing Hy-Cube, a new electric furnace-based steel production system.
The Hy-Cube technology is based on a new-concept electric furnace called Hy-Arc, an upgraded version of an existing electric furnace whose function is limited to creating molten iron by melting scraps.
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 churn out high-end steel plates, including ones for automobiles, using scraps, molten iron, and direct reduced iron (DRI).
The company also aims to launch the production of high-end low-carbon steel plates through a switch to a hydrogen-based steel production system by 2030.
“We’re already producing more than 10 million tons of electric furnace products per year. Compared to blast furnace products, electric furnace products can reduce carbon emissions by 75 percent due to the characteristics of components and processing,” Hyundai Steel said.
“Accordingly, we’re in a more advantageous position to achieve carbon neutrality than other blast furnace-centered steel companies.”
Ashley Song (firstname.lastname@example.org)