By 2030, the steelmaker expects to complete the commercialization of the HyREX technology
South Korean steelmaker POSCO plans to complete the commercialization of its HyREX technology by 2030, and by 2050, switch its steel mills in Pohang and Gwangyang to steel production based entirely on hydrogen reduction technology. This was reported by Business Korea.
The company will use green hydrogen using HyREX technology to produce direct reduced iron (DRI) for electric arc furnaces. The steelmaker is accelerating the commercialization of this method. In July 2022, it signed an agreement with UK-based Primetals to design a HyREX test plant, the latter to be built in 2026.
In 2033, POSCO intends to replace existing production methods such as blast furnace with HyREX 1 at its Pohang plant. By 2050, the company will complete the construction of hydrogen steel production systems at Pohang Works and Gwangyang Works (there will be six in total, three at each of the plants).
POSCO is also stepping up its efforts to create environmentally friendly commercial production systems abroad. The company plans to double its overseas steel production capacity by 2030 (from 5 million tons in 2022).
In September 2023, it was reported that the South Korean steel company was considering opening a steel plant in India. These plans were last considered 18 years ago, but the project was rejected due to strong competition.
As GMK Center reported earlier, POSCO intends to support Ukraine’s post-war reconstruction, in particular, to participate in a number of energy and infrastructure projects. As for the steel industry, POSCO plans to participate in various projects, including the generation of energy resources for steel production as part of Ukraine’s program to reconstruct steel mills.