POSCO to Make All Steel with Hydrogen Reduction Steel Technology...

POSCO to Make All Steel with Hydrogen Reduction Steel Technology by 2050 - Businesskorea

POSCO will replace existing production methods such as the blast furnace method with the HyREX 1 method at Pohang Works in 2033, according to POSCO on Nov. 26. By 2050, the company will complete hydrogen reduction steel production systems at Pohang Works and Gwangyang Works (three systems at each and six systems in total).

POSCO is developing commercial hydrogen reduction steel technology based on its hydrogen reduction steelmaking method “HyREX.” This is an advanced technology developed based on POSCO’s unique FINEX fluidized reactor. FINEX is a facility that can directly use cheap, powdery iron ore and bituminous coal to produce steel without any preliminary treatment of raw materials. POSCO commercialized FINEX for the first time in the world in 2007.

In July, POSCO announced a vision that embodies its 2050 carbon neutrality goal. The vision “Better World with Green Steel” has environmental (innovative technology), economic (sustainable growth), and social (a better future) meanings.POSCO aims to build global crude steel production capacity of 52 million tons by 2030 and log 100 trillion won in combined sales."

Even though HYREX plans to use cheap commercially available iron ore fines, its still a step in the right direction for the planet. Now I understand why management are in Tokyo and the middle east vs Korea. All just speculation of course. Whatever it is,giiven that there are just 49 million tons of high-grade pellets to produce DRI out of 110 million tons in the world’s port traffic + expected growth to 300m/tons per annum in 2030, it seems that the competition over high-grade pellets among steel companies will become fiercer regardless.