Hyundai Steel invested a record amount into R&D last year. The step may be construed as the steel maker’s focus on the development of eco-friendly steel products in compliance with global trends, such as decarbonization.
Industry sources said on March 5 that Hyundai Steel’s R&D outlays last year were estimated at 210 billion won. The figure increased from 200.5 billion won in 2021.
It took on significance since Hyundai Steel saw R&D outlays top 200 billion won in 2022. The steel maker, which set aside 28.1 billion won in R&D outlays in 2011, saw the expenditure jump about 10-fold in nearly 10 years.
Hyundai Steel’s surging R&D outlays are part of steel maker’s development of eco-friendly, high-performance, premium steel products.
The company developed 77 steel grade products and submitted 327 patent applications last year. Among the developed steel grade products were YS 700MPa high-strength, earthquake-proof product for high-rise construction structures and YS 420MPa, quake-proof H-beam product.
The high-strength, earthquake-proof steel products are designed to reduce greenhouse gas emissions in an efficient fashion. Using high-strength, earthquake-proof steel products will cut down on steel amounts by about 0.2 tons per household, compared to the use of ordinary steel products.
If 400,000 households are used with such products annually, it will have an effect of reducing greenhouse gas emissions by 32,000 tons per annum.
For example, the European Union is to implement a pilot program on the border carbon adjustment mechanism (BCAM), designed to minimize carbon leakage by imposing a tax on extra emissions above permissible levels effective October.
The EU is a major importer of Korean-made steel products. Korea exported steel products worth $43 billion (about 5,654.5 billion won) om 2021.
Hyundai Steel is hurrying up to build its own electricity-based steel production system, dubbed “Hy-Cube” (Hyundai Hydrogen Hybrid) and shift into a hydrogen-based steel production system.
The steel maker inaugurated the Low-Carbon Process Research Office and Carbon Neutrality Team in 2021 and 2022, respectively and expanded manpower. Rising research manpower leads to an increase in R&D outlay.
A Hyundai Steel official said, “We’re prioritizing developing of eco-friendly technologies for carbon neutrality and materials designed to make preparations for the next-generation mobility market and expanding related manpower.”
The steel maker is expanding R&D outlay, and it is designed to be armed with a world-class technology competitiveness by focusing on its capabilities to supply future mobility and energy materials by 2025, the official said.
A whole view of Hyundai Steel’s Dangjin Steelworks.
Fire at Hyundai Steel Pohang Steelworks Causes No Casualties
A fire erupted at Hyundai Steel Pohang Steelworks in Namgu, Pohang City, at 1:53 p.m. on Feb. 27, causing no casualties.
Firefighting authorities were mobilized, including about 40 firefighters, to extinguish the fire.
There were no casualties, and firefighting authorities were probing to determine the exact cause of the fire. A Hyundai Steel official said a fire took place in the course of disassembling equipment.
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