Hyundai Steel said it signed a deal with the Korea Institute of Geoscience and Mineral Resources (KIGAM) on technological cooperation to move faster towards carbon neutrality.

The steelmaker said the state-funded think tank’s mineral-related technologies will be used to recycle materials and resources, and analyze raw materials as part of efforts to run low-carbon steel mills in the long run.

Through cooperation with KIGAM, Hyundai Steel said it will be able to add value to waste materials, and reduce emission of carbon and other toxic substances that occur during use of materials.

“The technological exchange will allow us to develop new material analysis technologies, and apply them in production to raise the efficiency of steel materials management and operation,” a Hyundai Steel official said.

“Enhancement of material quality will help improve the quality of steel products and achieve carbon neutrality.”

Hyundai Steel and KIGAM signed the memorandum of understanding on Monday at the KIGAM headquarters in Daejeon. KIGAM president Lee Pyeong-koo and Hyundai Steel’s research and development chief Choi Joo-tae attended the signing ceremony.

By Kim So-hyun (sophie@heraldcorp.com)