SEOUL, South Korea – POSCO Group has once again demonstrated its commitment to innovation and sustainability, securing two distinguished accolades at the recent IR52 Jang Young-shil Awards ceremony. The company's Future Technology Research Institute and Technical Research Laboratories were recognized for their groundbreaking advancements in carbon capture and the development of a novel material for LNG vessels, respectively.
The IR52 Jang Young-shil Awards, a prestigious event organized by South Korea's Ministry of Science and ICT, celebrates organizations that exhibit excellence in the development of new technologies and the achievement of significant technological innovations. POSCO Group's double victory underscores its leading role in driving industrial progress and addressing critical environmental and economic challenges.
POSCO Holdings' Clean Hydrogen Research Center garnered the Technology Innovation Award for its pioneering 'Carbon Dioxide Capture and Recycling Technology'. This ingenious process tackles the pressing issue of industrial emissions by capturing carbon dioxide generated during the steelmaking process. The captured CO2 is then injected into coke ovens, where it is transformed into coke oven gas. This gas is subsequently utilized as a sustainable alternative fuel to liquefied natural gas (LNG).
The technology has already undergone successful pilot testing at POSCO's Pohang Steelworks in 2023, and the company is actively exploring its full-scale implementation across the entire Pohang facility. POSCO Group estimates that the widespread adoption of this technology could lead to a remarkable annual reduction of 320,000 tons in carbon dioxide emissions. Furthermore, the economic benefits are substantial, with projected LNG fuel cost savings of 1.6 billion KRW per coke oven annually, culminating in an estimated total energy cost reduction of 32 billion KRW across the company. The groundbreaking research underpinning this technology has been documented in four SCI-level academic journals, and POSCO Group has secured numerous domestic and international patents for its innovation.
Adding to POSCO's triumph, its Technical Research Laboratories received an award for the successful development of 'High-Manganese Steel', an innovative new material designed for LNG vessels. This breakthrough product offers a compelling alternative to nickel, the traditional primary component of LNG fuel tanks. Manganese exhibits exceptional structural stability even at extremely low (cryogenic) temperatures and boasts a significantly lower cost, approximately one-eighth that of nickel.
The economic advantages of high-manganese steel are further amplified by the escalating price of nickel, a key material in battery production, driven by the burgeoning electric vehicle market. POSCO's high-manganese steel presents a cost-effective and high-performance solution for the shipbuilding industry.
Lee Soon-ki, Principal Researcher at POSCO's Technical Research Laboratories, emphasized the significance of this development, stating, "High-manganese steel is an innovative product that achieves both high performance and low cost. We plan to continue our technology development and provide support to ensure that our customers have no difficulty using high-manganese steel." This commitment underscores POSCO's dedication to not only developing cutting-edge materials but also facilitating their seamless adoption by industry partners.
POSCO Group's dual recognition at the IR52 Jang Young-shil Awards highlights its unwavering commitment to technological leadership, environmental stewardship, and the pursuit of innovative solutions that address both economic and sustainability imperatives. These awards serve as a testament to the dedication and ingenuity of POSCO's research teams and solidify the company's position as a driving force in industrial advancement.
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