This was in response to the global demand for carbon neutrality and the implementation of CBAM
South Korean steelmaker Hyundai Steel is expanding its low-carbon plate sales base in international markets such as Europe and the Americas in response to the global demand for carbon neutrality and the European Cross-Border Carbon Adjustment Mechanism (CBAM). This is reported by The Korea Herald.
The company recently signed memorandums of understanding with Czech auto parts manufacturer Tawesco and Italian automotive sheet processing company Eusider to supply reduced carbon steel plates. These companies supply materials to major European automakers such as Volkswagen and Stellantis. Hyundai Steel and these customers are expected to start testing low-emission steel parts in September this year.
The announced cooperation is in line with the South Korean company’s investment in the production of low-carbon rolled plates at Dangjin Steel.
In May this year, Hyundai Steel also signed a memorandum of understanding with German auto parts manufacturer Kirchhoff Automotive, which supplies products to global automakers including Volvo, BMW and Mercedes-Benz, to sell low-carbon products, including cold-rolled and hot-dip galvanized coils.
The company intends to create a sales network for low-carbon steel products by cooperating with these European auto parts manufacturers.
Hyundai Steel had planned to overhaul electric arc furnaces (EAFs) at its plants in Incheon and Dangin this year. In particular, in the second half of 2024, a 155-ton electric arc furnace will be overhauled at the Danjin plant, with work lasting from September 20 to December 20.
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