Proposed joint carbon-neutral tech R&D, details to be finalized at December Innovation Conference

POSCO received the Sustainability award at the 2023 Steelie Awards

Chairman Jeong-woo Choi of the World Steel Association (worldsteel), led a regular meeting of the Association in Shanghai, China, starting on Oct. 15. He demonstrated global leadership by encouraging member companies in the steel industry to unite and work together to achieve carbon neutrality.

During the first day of the regular meeting on Oct. 15, Chairman Choi convened with top executives from global steel companies at the Executive Committee meeting of the World Steel Association. The agenda encompassed discussions on vital issues including advancements in self-driving vehicle body solutions, international trends in greenhouse gas emission measurement methodologies, and the global steel demand forecast.

Chairman Choi highlighted the importance of actively promoting the steel industry’s superior environmental sustainability compared to aluminum. He led discussions on various topics on advancing the sustainable steel sector, such as plans to expand the supply of green steel and the development of collaborative R&D programs for decarbonization technologies. Representatives of more than 150 steel companies and regional steel associations from around the world attended the meeting of on Oct. 16.

In his keynote speech at the general assembly following the member company meeting, Chairman Choi said that in order to achieve the grand goal of carbon neutrality, member companies must take a leap together with two wings, technology and policy, and identify common tasks among member companies through a joint R&D program on decarbonization technology and achieve overall goals.

Chairman Choi also said that we must all work together to ensure that the World Steel Association’s greenhouse gas emissions measurement standards become international standards. He added that operational plans for joint R&D programs will be discussed in detail at the Breakthrough Technology Conference scheduled to be held in Abu Dhabi, United Arab Emirates for three days starting on December 5.

The Breakthrough Technology Conference expands on the Hydrogen Iron & Steel Making Forum and focuses on hydrogen-based steelmaking, Carbon Capture, Utilization, and Storage (CCUS), and other low-carbon innovations. It provides a platform for sharing advanced technologies and discussing sustainable growth.

POSCO is honored at the 2023 Steelie Awards, hosted by the World Steel Association, for its sustainability efforts. The company was recognized for its innovative greenhouse gas reduction technology in agriculture using silicate fertilizer, made from silica (SiO2), the main component of steel slag, which helps reduce methane emissions by inhibiting methane-producing bacteria in rice paddies.

Chairman Jeong-woo Choi, in his role as the chairman of the World Steel Association, addressed a joint conference with the China Iron and Steel Association (CISA) and China Baowu Group on the morning of Oct. 15 at the Shanghai Expo Center. He gave a keynote speech on the theme of “The Future of Steel in the Carbon-Neutral Era” ahead of the World Steel Association’s regular meeting.

▲ Chairman Jeong-Woo Choi delivered a keynote speech at the General Assembly of the World Steel Association on October 16th.

World Steel Association

Formed in 1967, (then the International Iron and Steel Institute), the non-profit organization promotes steel to the industry, customers, media and the general public. Benefits of being a member of worldsteel include access to the latest technical and economic data, industry trends and performance impacting the steel industry. Members cooperate in developing programs and initiatives to drive the global common marketplace. Networking and access to events and conferences are also enjoyed by members. Worldsteel is not involved in competition of the steel industry, but rather unifying the industry on a global scale.

Steel Production by the Numbers

Worldsteel’s Steel Statistical Yearbook findings for 2015 show that Asia produces over 68 percent of the entire world’s crude steel. According to the Steel Statistical Yearbook, the four countries that produce the most crude steel are China, Japan, India and South Korea. Russia rounds out the top five. While many countries like the U.S. have decreased its crude steel production, South Korea has increased almost every year (the most recent yearbook shows data since 2005). Asia produces over 1 million tons of crude steel, and the second largest steel producing region is Europe, which produces just under 300 tons.

South  Korea produced over 71,000 tons of crude steel, 868 tons of ingots and 70,405 tons of continuously cast steel. The majority of the steel produced in South Korea uses electric furnaces or oxygen-blown converters. South Korea does not employ open hearth furnaces for steel production. In 2014, worldsteel reports that South Korea produced almost 69,000 tons of hot rolled products.

Though the largest of crude steel producing companies are located in Asia, and Asia is the largest exporter of semi-finished and finished steel products, Europe uses the most crude steel by kg per capita. Asia is by far the largest producer and exporter of pig iron, the intermediate product of smelting iron ore.

When iron is smelted from ore, it contains more carbon than desired. To form steel, the carbon must be reduced to the proper amount, at which point other elements can be added to reinforce it. In the past, steel was cast into ingots which would be stored until use in further refinement processes that resulted in the finished product. In modern processes of production, the initial product is closer to the final product through continuously cast it into long slabs, then cut and shaped to produce the final product. Continuous casting is more cost-efficient and is used in mass production and increasing the standard of quality.

POSCO Steel Production

One of five major steel companies located in Korea, POSCO is recognized as one of the world’s largest corporations by Fortune Global 500. On September 21, 2015 POSCO celebrated cumulative sales of 800 million tons since the opening of Pohang Plate Mill in 1972. Ninety-eight percent of the crude steel produced by POSCO is made through continuous casting, which replaced the process of using ingots.

For the full report, please visit worldsteel.

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