South Korea’s Dongkuk Steel Mill Co. said Friday it has teamed up with Tokyo Steel Co. to develop eco-friendly electric arc furnace steelmaking technologies.
Under the arrangement, the two companies will acquire a one percent stake in each other in a bid to strengthen their strategic partnership. They would also share their electric arc furnace know-how, collaborate on low-carbon technologies and expand staff exchange.
There are two methods of producing metal - the blast furnace is used to make steel from liquid iron while the electric arc furnace is used to make steel from scrap material. The electric arc furnace is considered a more environmentally-friendly method than the blast furnace as it produces less carbon emissions, but the quality of manufactured steel tends to be lower and the scope of steel types produced limited.
Tokyo Steel, with its over 80 years of history, has advanced capabilities in electric arc furnaces, such as producing thick steel plates used in shipbuilding, that are not yet commercialized in Korea, according to an official from Dongkuk Steel Mill.
The two companies have engaged in unofficial collaboration since 1995, with their most recent joint project being scrap metal recycling.
By Woo Je-yoon and Kim Hyo-jin
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