South Korea to Develop Hydrogen-Based Steelmaking by 2030
Key Ideas
  • South Korea aims to develop hydrogen-based steelmaking technology by 2030 to enhance the global competitiveness of its steel industry and achieve carbon neutrality.
  • The Ministry of Trade, Industry and Energy plans to invest $600 million over the next five years to develop a demonstration technology for hydrogen-based steelmaking.
  • The project will focus on building a facility capable of producing 300,000 tons of hydrogen reduced steel and molten iron, utilizing the eco-friendly FINEX steelmaking process.
  • The government is also exploring quantum technology development through a consultative body to secure technological supremacy and drive economic growth in various sectors.
South Korea has announced its commitment to developing hydrogen-based steelmaking technology by 2030, aiming to support the local steel industry in enhancing its global competitiveness and achieving carbon neutrality. A feasibility study has been completed, with plans to invest $600 million over the next five years in collaboration with the private sector to develop a demonstration technology for hydrogen-based steelmaking. This innovative approach, using hydrogen gas instead of coal to smelt iron ore, could reduce carbon emissions by over 95% compared to traditional methods. The project will involve constructing a facility capable of producing 300,000 tons of hydrogen reduced steel and molten iron, with a focus on applying the hydrogen-based steelmaking technology to electric arc furnaces owned by small and medium-sized companies. Leveraging the FINEX steelmaking process, known for its eco-friendliness, the goal is to establish a leading position for the local steel industry in the global market and achieve carbon neutrality by 2050. In parallel, the government has initiated discussions with the private sector to explore the development of quantum technology. Recognizing the significant potential of quantum science and technology across various sectors, the consultative body aims to drive technological supremacy through strategic policy implementation and investment. The global quantum technology market is forecasted to grow substantially by 2033, highlighting the importance of South Korea's proactive approach to securing a future game changer.
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