According to the Korea Economic Daily, after 50 years of development, South Korea's Posco Steel Group (hereinafter referred to as Posco) is preparing for the next 50 years with hydrogen reduction ironmaking technology. Posco plans to commercialize HyREX technology by 2030 and transform its Pohang and Gwangyang steel plants into steel plants based entirely on the new HyREX technology by 2050. By 2050, the Pohang plant and the Gwangyang plant will each build three sets of hydrogen direct reduction systems.
Posco is developing hydrogen direct reduction ironmaking technology - HyREX. This technology is a hydrogen direct reduction ironmaking technology further developed based on the FINEX fluidization technology developed by Posco. FINEX is a technology that can directly use cheap powdered iron ore and bituminous coal to produce molten iron without any pretreatment of raw materials. In 2007, POSCO realized the commercial application of FINEX technology for the first time in the world.
Currently, Posco is accelerating the commercial application of hydrogen direct reduction technology. In July 2022, Posco and Primetals signed an agreement to cooperate in the construction of a HyREX factory, which will be completed in 2026. Posco plans to complete the commercial application of HyREX technology by 2030 and gradually transform the blast furnace facilities of Posco and Gwangyang plants into hydrogen direct reduction equipment by 2050.
In July this year, Posco announced the development vision of "green steel for a better world", which has environmental (innovative technology), economic (sustainable growth) and social (better future) significance and reflects its 2050 annual carbon neutrality target.
Posco plans to have a global crude steel production capacity of 52 million tons per year by 2030, with total annual sales reaching 100 trillion won (approximately US$75.8 billion). To this end, Posco is vigorously promoting the construction of environmentally friendly production systems abroad, and plans to increase its overseas crude steel production capacity from 5 million tons/year in 2022 to more than 10 million tons/year in 2030.
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