South Korean steel giant Posco said Friday that it would test the feasibility of a carbon capture and utilization technology that could potentially eliminate 320,000 tons of carbon emissions from steel production.

According to the world’s No. 6 steelmaker, the technology, once fully developed, will be applied to coke ovens installed inside its two steel mills -- one in Pohang, North Gyeongsang Province, and one in Gwangyang, South Jeolla Province. Each of the coke ovens emits 30,000-50,000 tons of carbon annually.

“This is the first time a Korean steelmaker is conducting a feasibility test on a CCU technology. This is part of our effort to achieve carbon neutrality by 2050,” a company official said.

The project will be completed by December 2023. If successful, it will be the first use of CCU technology in steel production. Posco’s goal is to export the technology to major steelmakers at home and abroad.