Hyundai Steel announced on the 11th that it has signed a joint research agreement with global steel companies and related firms to explore carbon capture, utilization, and storage (CCUS) hubs.
CCUS is a technology that prevents carbon dioxide from being emitted into the atmosphere by capturing it for various uses or permanently storing it underground.
This agreement was initiated to carry out a research project aimed at identifying key facilities (hubs) for capturing, compressing, and processing carbon dioxide generated from multiple industrial facilities in one location.
The research project will be managed by the global engineering firm Hatch, and the carbon dioxide gathered at the surface hub will ultimately be transported to marine storage sites and stored underground.
The signing ceremony was held in Singapore on the 7th, with participants including Australia's BHP, Chevron, Japan's Mitsui & Co., and India's JSW Steel and AM/NS India (a joint venture between ArcelorMittal and Nippon Steel).
The participating companies plan to select hub candidates in Southeast Asia and northern Australia and explore the commercialization potential of hub construction through 18 months of research.
Hyundai Steel explained that this joint agreement marks the first time in Asia that the industrial sector is participating in CCUS research, and it hopes to contribute to enhancing the sustainability of the steel industry through collaboration with global corporations.