Hyundai Steel forges ahead with focus on AI, offshore wind energy
Published: 08 Oct. 2024, 10:04
![Hyundai Steel has signed memorandums of understanding with European partners to supply low-carbon steel plates. [HYUNDAI STEEL]](https://koreajoongangdaily.joins.com/data/photo/2024/10/08/356c182e-7adc-45bf-bb96-97cf48a13554.jpg)
Hyundai Steel has signed memorandums of understanding with European partners to supply low-carbon steel plates. [HYUNDAI STEEL]
Hyundai Steel is signing memorandums of understanding (MOUs) in Europe and forming fresh partnerships in Asia as the steelmaker eyes a new wave of global growth in AI and offshore wind energy.
The company has been signing MOUs with European client firms to sell low-carbon steel plates as part of its effort to expand its capabilities in offshore wind power generation.
This move is a proactive response to the carbon border adjustment mechanism (CBAM), which imposes taxes on carbon-intensive goods entering the EU. Hyundai Steel recently announced that it signed MOUs with Czech car parts manufacturing giant Tawesco and Italian steel service center Eusider.
Since these companies supply steel to major European automobile manufacturers like Volkswagen and Stellantis, they require low-carbon steel plates to comply with the future carbon neutrality strategies of global automobile firms.
Meanwhile, Hyundai Steel is investing in low-carbon steel plate manufacturing facilities at its steel plant in Dangjin, South Chungcheong, while searching for potential sources of demand.
Hyundai Steel and its new MOU-bound clients will test low-carbon steel plate components and launch a joint marketing campaign to expand into related markets.
Hyundai Steel has also partnered with Singapore’s Advanced Remanufacturing and Technology Center (ARTC) to construct a smart factory. The partnership involves developing visual AI technology in cooperation with ARTC, which operates under Singapore’s Agency for Science, Technology, and Research. Hyundai Steel stated it struck a non-disclosure agreement (NDA) with ARTC regarding the development of AI technology through Singapore’s Open Innovation Network (OIN).
The OIN is an innovation ecosystem that connects the Singaporean government, universities and companies to collaborate on and co-develop innovative solutions and technologies. Through this partnership, leveraging ARTC’s history of working with the Hyundai Motor Group Innovation Center Singapore (HMGICS) and the Open Innovation Network, Hyundai Steel anticipates innovation in steel manufacturing by applying an AI model that can detect product impurities and enhance overall product quality.
Hyundai Steel has also identified a new target market: offshore wind energy. Aiming to supply metals used in offshore wind power structures, Hyundai Steel is taking swift action as an early mover in this promising market.
The offshore wind energy market is attracting significant attention within the steelmaking industry due to its massive demand for high-value steel products.
According to the International Renewable Energy Agency (IRENA), global offshore wind capacity is predicted to grow from 34 gigawatts in 2020 to 228 gigawatts by 2030 and then scale up to 1,000 gigawatts by 2050.
For manufacturers looking to make early inroads into this market, product quality will be a crucial factor. Structures in offshore wind plants require materials that are resistant to corrosion, vibration and low temperatures.
Additionally, offshore wind energy particularly demands ultra-advanced steel materials that can resist corrosion from saltwater and other marine factors. Specialized steel strips are also necessary to withstand the intense weights and heavy vibrations of offshore wind energy structures, which are larger than those used for inland wind energy.
Hyundai Steel has prior experience supplying steel pipes for the substructure of Jeju’s Hallim Offshore Wind Farm, the largest offshore wind farm in Korea. The company has also supplied materials for large-scale projects abroad, including Taiwan Power Company’s Offshore Wind Farm project.
“It’s apparent that the global demand for offshore wind plants will only increase from here,” a Hyundai Steel associate said. “We see the potential and are taking big strides.”
BY KIM YEONSOO [kim.yeonsoo1@joongang.co.kr]
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