South Korean steelmaker Hyundai Steel is expanding its sales network for low-carbon steel plates in international markets, particularly Europe and America. This move comes in response to the growing global demand for carbon neutrality and the implementation of the European Union's Carbon Border Adjustment Mechanism (CBAM).
Hyundai Steel recently signed memorandums of understanding with European companies Tawesco (Czech Republic) and Eusider (Italy) to supply them with reduced-carbon steel plates. These companies are major suppliers to European automakers like Volkswagen and Stellantis. Testing of low-emission steel parts made with Hyundai Steel's product is expected to begin in September 2024.
This collaboration aligns with Hyundai Steel's investments in low-carbon steel plate production at its Dangjin Steelworks facility. Additionally, the company signed a similar agreement in May with German auto parts manufacturer Kirchhoff Automotive, a supplier to global brands like Volvo, BMW, and Mercedes-Benz.
Through these partnerships, Hyundai Steel aims to establish a strong sales network for low-carbon steel products in Europe and America. The company is also planning to upgrade its electric arc furnaces (EAFs) at its plants in Incheon and Dangjin to further support its low-carbon steel production goals.
