Hyundai Steel builds global sales network of low-carbon steel

South Korea’s Hyundai Steel Co. announced on Tuesday that it signed a memorandum of understanding (MOU) with European customers to sell low-carbon steel sheets in response to the global carbon neutrality initiative and the Carbon Border Adjustment Mechanism (CBAM).

The companies involved in the agreement are Tawesco s.r.o., one of the largest automotive parts manufacturers in the Czech Republic, and Eusider SpA, an Italian company specializing in automotive steel sheet processing.

These companies, which have supplied steel materials to major European car manufacturers such as Volkswagen and Stellantis, needed to secure low-carbon steel sheets to meet the carbon neutrality plans of global automotive companies.

Hyundai Steel’s Dangjin Steelworks has invested in facilities to produce low-carbon steel sheets.

Starting in September, Hyundai Steel plans to conduct tests on low-carbon steel sheet components with the companies that have signed the MOU and pursue joint marketing of low-carbon steel sheets to expand the market.

Write to Hyung-Kyu Kim at khk@hankyung.com