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POSCO, LG Chem partner for CCU decarbonization project.
Pilot steel carbon capture plant planned by 2026.
Move supports South Korea’s 2050 net-zero goal.
In a significant move towards industrial decarbonization, South Korea’s POSCO and LG Chem have announced a strategic partnership to develop a Carbon Capture and Utilization (CCU) project aimed at reducing carbon emissions in the steel manufacturing sector. The collaboration was formalized through a Memorandum of Understanding (MoU) signed in Seoul this week.
Under the agreement, both companies will jointly work on capturing carbon dioxide (CO₂) emitted during steel production and converting it into valuable chemical products such as methanol and synthetic gas. The partnership will focus on applying CCU technology at POSCO’s Pohang steelworks, with a pilot facility expected to commence operations by 2026.
The initiative aligns with both firms' net-zero targets and South Korea's national agenda to lower industrial emissions. POSCO aims to achieve carbon neutrality by 2050, while LG Chem plans to cut its Scope 1 and 2 emissions significantly by 2030.
Industry experts see this partnership as a model for cross-industry collaboration in the transition to a low-carbon economy, integrating heavy industry and chemical processing to tackle hard-to-abate emissions.
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