Hyundai Steel's LNG Power Plant: A Carbon-Cutting Initiative

Hyundai
Hyundai Image Source: Hyundai E&C

Synopsis:

Hyundai Steel aims to bolster its carbon reduction strategy by constructing an LNG power plant at Dangjin Steel Works. This initiative, slated for operation in 2028, will harness hydrogen co-firing and aims to curtail emissions by 24 million metric tons by 2030, aligning with government carbon neutrality goals.

Article:

Amidst efforts to curb carbon emissions, Hyundai Steel, a South Korean steel giant, is set to establish a Liquified Natural Gas (LNG) power plant at its Dangjin Steel Works. This innovative venture, projected to be operational by 2028, represents a pivotal move in the company's commitment to sustainable practices.

The planned LNG facility, boasting a capacity of 499 MW, not only aims to generate power but also intends to incorporate hydrogen co-firing technology. Hyundai Steel's strategy involves a substantial increase in hydrogen utilization, targeting a reduction of 24 million metric tons in greenhouse gas emissions by 2030.

Recent data from the Korea Environment Corporation highlighted Hyundai Steel's pollutant release in 2022 at 10,412 metric tons, positioning it below competitors like POSCO’s Gwangyang and Pohang Steel Works. With national carbon neutrality goals by 2050 and impending carbon taxes, Hyundai Steel plans to pivot from blast furnace-based steel production to electric arc furnace methods, anticipating a complete transition soon.

The Dangjin Steel Works, which consumed 6,600 GWh of power in 2022, anticipates a surge in power demand once the switch to exclusive electric arc furnace methods takes effect.

Conclusion:

Hyundai Steel's venture into establishing an LNG power plant at Dangjin Steel Works signifies a proactive step toward reducing carbon footprints. This initiative, integrating LNG and hydrogen co-firing, aligns with both governmental carbon neutrality aspirations and imminent carbon tax implementations. The shift from blast furnaces to electric arc furnaces demonstrates the company's commitment to sustainable steelmaking practices, setting a precedent for environmental responsibility within the steel industry.

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