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Hyundai Steel to invest $595mn to build LNG generation plant

Collected: 2024.03.26

Distributed: 2024.03.27

Source: Go Direct

[Courtesy of Hyundai Steel]

Hyundai Steel Co., a steelmaking arm of South Korea’s Hyundai Motor Group, has decided to invest 800 billion won ($595 million) over three years to build a facility that produces liquefied natural gas (LNG) in Dangjin, South Chungcheong Province, a move that will help the company secure stable low-carbon energy.

According to sources from the steel industry on Monday, Hyundai Steel has internally decided to invest more than 800 billion won over the next three years, starting from 2025, to build the LNG power generation plant by 2028.

The planned investment is larger than Hyundai Steel’s operating profit of 798.3 billion won in 2023.

In order to engage stakeholders, Hyundai Steel has conducted briefing sessions with environmental activist groups and local residents earlier this year. Additional briefing sessions for residents will begin from June.

In April 2023, Hyundai Steel unveiled its carbon neutrality initiative, a commitment to transitioning its Dangjin Integrated Steelworks from a blast furnace-centered production plant to an electricity-powered facility.

The steelmaker aims to reduce carbon emissions by 12 percent from 2018 levels by 2030 and ultimately achieve net zero emissions by 2050.

Hyundai Steel is expected to use low-carbon raw materials and enhance its processes.

The adjustment, however, could reduce the proportion of coal used with iron ore in the blast furnace, which could decrease by-product gas generation and overall power generation capacity.

By Cho Yun-hee and Han Yubin

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