Hyundai Steel has announced a joint initiative with leading global steel companies and industry stakeholders to explore the development of a Carbon Capture, Utilization, and Storage (CCUS) hub through collaborative research.
On August 7, in Singapore, Hyundai Steel signed a memorandum of understanding (MOU) with five companies—Australian BHP, Chevron, Japan’s Mitsui & Co., Indian JSW Steel, and AM/NS India (a joint venture between ArcelorMittal and JFE Steel)—forming a consortium to kick off the “CCUS Hub Study.” This marks a significant step in pioneering industry-led CCUS technology development.
The “CCUS Hub Study” aims to identify key sites for centralizing the collection and compression of CO2 emitted from various industrial facilities. The project will be managed by Hatch, a global engineering firm responsible for overseeing the process. The captured CO2 will be transported to offshore storage sites for underground sequestration.
Over an 18-month period, participating companies will investigate potential hub locations in Southeast Asia and northern Australia, assessing viability and exploring commercial opportunities for the hub’s construction.
This collaboration marks Hyundai Steel’s first participation in an industry-led CCUS research project within Asia, strengthening its position within the global network dedicated to reducing industrial carbon emissions.
Hyundai Steel has been proactively pursuing CO₂ reduction through its own initiatives and partnerships with overseas industries. The company regards CCUS as a crucial component of its strategy to achieve carbon neutrality by 2050.
A Hyundai Steel official stated, “This consortium is a valuable opportunity to develop various carbon reduction technologies, including CCUS, and expand the possibilities for achieving carbon neutrality." They added, "Collaborating with global companies will contribute to advancing the sustainability of the steel industry.”
