Hyundai Steel, South Korea's second-largest steelmaker, is positioning itself to capture a share of the global low-emission steel market in the face of growing demand from automakers aiming for net zero emissions.
The company recently signed a memorandum of understanding to supply low-emission steel plates to Czechia-based auto parts manufacturer Tawesco and Italian automotive steel plate producer Eusider. Both Tawesco and Eusider supply major European automakers, including Volkswagen and Stellantis, and are increasingly focused on reducing their carbon footprint. The agreement is a strategic response to the European Union's Carbon Border Adjustment Mechanism.
Hyundai Steel is set to increase its global presence through cooperation with European companies, joint marketing efforts, and component testing. The company is also investing in the production of carbon-reduced steel plates at the Dangjin Steel Mill.
In another important development, Hyundai Steel has signed a confidentiality agreement with a center in Singapore. This partnership aims to advance artificial intelligence technology to enhance steelmaking processes and improve product quality. This move will strengthen Hyundai Steel's technological capabilities and global market position.
Comments
No comment yet.