Hyundai Steel Co unveiled a miniature model of its planned electric arc furnace (EAF) steel mill in the United States at the World Hydrogen Expo 2025, which took place form Dec. 4 to Dec. 7 at KINTEX in Goyang, north of Seoul.
Earlier, steelmaker announced $5.8 billion investment to build an EAF steel mill with an annual capacity of 2.7 million tons in Louisiana, the United States.
In a related development, POSCO and Hyundai Steel, the nation’s first and second largest steel makers, decided to join forces in the investing 5.8 billion or some 8.5 trillion won for the building of the Louisiana steel mill.
POSCO will have a 20 percent stake in the equity investment.
In a public disclosure, Hyundai Steel disclosed a plan to invest a combined $5.8 billion an EAF steel mill.
Hyundai Steel participated in the World Hydrogen Expo 2025 and displayed the Louisiana steel mill model.
The World Hydrogen Expo 2025 was a global hydrogen industry event in which hydrogen companies around the world participated in, shared the latest technologies and industry trends and explore ways of promoting cooperation.
Hyundai Motor Group’s booth at the expo displayed a miniature steel mill.
In March, Hyundai Steel disclosed a plan to build an EAF steel mill with an annual capacity of 2.7 million tons in Louisiana by investing $5.8 billion (8 trillion won). The steel mill is to be put into commercial operation in 2029.
In an earlier press release, Hyundai Steel said it will display detailed features of the U.S. steel mill facility and a mid- to long-term technology roadmap for transitioning to hydrogen-based steelmaking.
It was the first time the U.S. steel mill facility, showing miniature features of an iron ore pellet yard, an electric furnace and hot- and cold-rolled steel processes, was reduced just like real thing and disclosed externally.
Representatives from Hyundai Steel, KEPCO and Korea Electric Manufacturers’ Cooperative attend a ceremony to strike an MOU on the timely construction of national power grids at KEPCO headquarters in Naju, Jeollanam-do, on Nov. 24. (Photos: Hyundai Steel)
Hyundai Steel Teams Up with KEPCO to Supply Raw Materials for Transmission Towers
Hyundai Steel is building a system to supply raw materials for transmission towers to expand national power grids in cooperation with Korea Electric Power Corp. (KEPCO).
Hyundai Steel struck an MOU on the timely construction of national power grids with KEPCO and Korea Electric Manufacturers’ Cooperative at KEPCO headquarters in Naju, Jeollanam-do, on Nov. 24.
The deal is designed to meet demand for new transmission towers, forecast to stand at some 700,000 tons by 2038, in accordance with the government’s national power grid expansion plan.
That’s on top of building a system designed for the timely supply of pylon angles, a core raw material for the national power network projects.
Under the agreement, Hyundai Steel plans to ensure the stable production and supply of industry steel plates for transmission towers, build a regime to share information on power network construction based on future energy demand, and cooperate on the development of next-generation transmission towers for expanding large-scale national power networks
Hyundai Steel plans to ramp up its role as a steelmaker that supplies core raw materials for building the national mainstay industries amid hard management conditions, such as depleted outside and inside demand and a rising unit price burden.
Kim Sung-min, head of the Industry Steel Plate Business Division at Hyundai Steel said, “It is meaningful to contribute to the national power grid expansion plant, and we will provide support so that renewal energies being produced at coast areas can reach to the Seoul metropolitan area and inland industrial sites by timely supplying transmission tower raw materials, such as high-quality and low-carbon angles.”
Hyundai Steel Logs 5.73 Trillion Won in Q3 Sales
On Oct. 30, Hyundai Steel said the steelmaker chalked up 5,734,4 billion won in sales, 93.2 billion won in operating profit and 17.8 billion won in net income in the third quarter of this year on a consolidated basis.
According to Hyundai Steel, the steelmaker’s Q3 sales declined 3.6 percent compared to the previous quarter, but Q3 operating profit maintained a similar level as the previous quarter on the back of rising sales of value-added products, such as vehicle steel plates, plus dropping raw material prices.
Hyundai Steel said, “The steelmaker has seen sales decline due to the continued decline of the construction economy, but sales are expected to improve gradually as an effect of taking countermeasures against low-priced imports is reflected.”
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