Business Korea reported that South Korean steel giant POSCO is planning to build a virtual steel mill by utilizing the metaverse & digital twin technology, which could become the first place to test POSCO's carbon-neutral vision core of hydrogen reduction steelmaking technology & has recently set up a task force to develop steel metaverse solutions. POSCO plans to develop hydrogen reduction steelmaking technology by 2040 and gradually change its current furnace method to hydrogen-based steelmaking by 2050. The new steelmaking technology will eliminate the usage of coking coal with Hydrogen for reduction of iron ore. Hydrogen reduction steelmaking is a highly advanced technology but commercialization requires huge R&D investment & POSCO estimates that the cost of developing this innovative technology will reach between KWR 30-40 trillion (USD 25-35 billion).A hydrogen reduction steel mill built in a virtual space using the metaverse and digital twin technology can significantly cut the cost of building an actual steel mill. Since this method faces no physical limitations, various attempts can be made more easily and conveniently, and necessary cost calculation is almost done in real time. Even if the result ends in failure, the risk burden will be minimized because it is a demonstration in virtual space.
Business Korea reported that South Korean steel giant POSCO is planning to build a virtual steel mill by utilizing the metaverse & digital twin technology, which could become the first place to test POSCO's carbon-neutral vision core of hydrogen reduction steelmaking technology & has recently set up a task force to develop steel metaverse solutions. POSCO plans to develop hydrogen reduction steelmaking technology by 2040 and gradually change its current furnace method to hydrogen-based steelmaking by 2050. The new steelmaking technology will eliminate the usage of coking coal with Hydrogen for reduction of iron ore. Hydrogen reduction steelmaking is a highly advanced technology but commercialization requires huge R&D investment & POSCO estimates that the cost of developing this innovative technology will reach between KWR 30-40 trillion (USD 25-35 billion).A hydrogen reduction steel mill built in a virtual space using the metaverse and digital twin technology can significantly cut the cost of building an actual steel mill. Since this method faces no physical limitations, various attempts can be made more easily and conveniently, and necessary cost calculation is almost done in real time. Even if the result ends in failure, the risk burden will be minimized because it is a demonstration in virtual space.
