Korea Bizwire reported that South Korean steel giant POSCO has participated in an academic-industry research cooperation drive to develop new technology for recycling by-product gases generated during the steel-making process as plastic materials on the basis of existing carbon dioxide capture and utilization technologies. POSCO last week inaugurated the Center for Low-Carbon Chemical Process in collaboration with a group of industry, academic and research organizations including LG Chem & Lotte ChemicalCenter for Low-Carbon Chemical Process plans to invest a total of KWR 25.2 billion (USD 17.8 million) by the year 2025 to carry out research on the manufacturing technology of low carbon olefin, a synthetic fiber, that can reduce the emissions of CO2 by about 15% compared to existing technology.POSCO plans to synthesize methanol using the CO2 extracted from by-product gases generated from furnaces. By cracking it simultaneously with naphtha, an integrated process for olefin production will be developed. With the reduction in the use of naphtha compared to existing technologies, POSCO expects to be able to reduce emissions of CO2 throughout the entire steel-making process. The empirical research will be implemented at POSCO’s Gwangyang steel plant starting next year.