Hyundai Steel signs deal for joint global CCUS hub project

Hyundai Steel’s steelworks in Dangjin South Chungcheong Province Courtesy of Hyundai Steel — Hyundai Steel's plant in Dangjin, South Chungcheong Province is seen in this undated photo. /Courtesy of Hyundai Steel

SEOUL, August 12 (AJP) - Hyundai Steel has signed a deal with several global steelmakers and related companies for a joint research project to identify hub sites for carbon capture, utilization and storage (CCUS), the company said on Monday.

CCUS is a set of technologies that capture carbon dioxide generated during steelmaking, then either use it for various applications or permanently store it underground to prevent its release into the atmosphere.

The project, led by global engineering and project management firm Hatch, aims to identify hub facilities capable of capturing and compressing CO2. The initial plan is to collect CO2 at onshore hubs before transporting it to offshore storage sites for long-term underground containment.

A signing ceremony for the project was held in Singapore last Friday, with participants including Australia's BHP, U.S.-based Chevron, Japan's Mitsui & Co., and India's JSW Steel and AM/NS India, a joint venture between ArcelorMittal and Nippon Steel.

Southeast Asia and northern Australia have been tipped as key candidate regions, with an 18-month study planned to explore the project's commercialization.

Participants at the joint research agreement ceremony in Singapore on August 7 From left Mikael Hobbs VP of Sales Marketing BHP Group Arvind Bodhankar Chief Sustainability Officer AMNS India Alice Fletcher VP of Business Development Chevron Kim Yong‑hee head of the Process Research Center Hyundai Steel Prabodha Acharya Group Chief Sustainability Officer JSW Group Ken Yasuhara senior executive Board member with a climate and sustainability role at Mitsui Co and Yan Kwok head of climate change Hatch Courtesy of Hyundai Steel — Participants attend a signing ceremony for a joint project in Singapore on Aug. 7, 2025. From left, Mikael Hobbs, VP of Sales & Marketing, BHP Group; Arvind Bodhankar, Chief Sustainability Officer, AM/NS India; Alice Fletcher, VP of Business Development, Chevron; Kim Yong‑hee, head of the Process Research Center, Hyundai Steel; Prabodha Acharya, Group Chief Sustainability Officer, JSW Group; Ken Yasuhara, senior executive (Board member) with a climate and sustainability role at Mitsui & Co.; and Yan Kwok, head of climate change, Hatch. /Courtesy of Hyundai Steel

If the project proves successful, Southeast Asia and Australia could secure large-scale CO2 processing infrastructure for Hyundai Steel and its partners, while South Korea's competitiveness in carbon reduction technology could gain momentum for further growth in the global market.

A Hyundai Steel spokesman forecast, "The multi-consortium deal is expected to provide a valuable opportunity to explore various carbon reduction technologies including CCUS and expand the possibilities for achieving carbon neutrality. Collaboration with global market players will serve as an important stepping stone toward enhancing the sustainability of the steel industry."

Lim Jaeho ajupresswogh@ajupress.com