South Korea is set to make significant strides in the steel industry by focusing on developing hydrogen-based steelmaking technology by the year 2030. The Ministry of Trade, Industry and Energy recently announced plans to invest a substantial amount of 814.6 billion won over the next five years to achieve this goal in collaboration with the private sector. This move comes after the successful completion of a feasibility study, positioning South Korea to be at the forefront of utilizing hydrogen gas instead of coal in smelting iron ore. By adopting this innovative approach, carbon emissions in steel production could be drastically reduced by more than 95% compared to conventional methods. The project will involve constructing a production facility capable of manufacturing 300,000 tons of hydrogen reduced steel and molten iron, with a focus on applying this technology to electric arc furnaces of small and medium-sized companies. By incorporating the FINEX method, known for its eco-friendliness and ability to directly use iron ore fines and non-coking coal, the country aims to lead the transition towards sustainable steel production methods. The ultimate goal is for the local steel industry in South Korea to achieve carbon neutrality by 2050, while also establishing a strong presence in the global market. This ambitious initiative demonstrates the country's commitment to environmental sustainability and technological advancement in the steel sector.