Memorandum of Cooperation with HYUNDAI STEEL
TAWESCO and the world-famous Korean smelter embark on a green adventure together. The two companies have signed a memorandum of cooperation. TAWESCO thus becomes the first customer of Korean Green Steel in Europe.
The memorandum with the major supplier was signed in Seoul by TAWESCO CEO Margita Rejchrtova. "It is a great prestige for us, which came after nine years of great mutual cooperation. By signing the memorandum, TAWESCO becomes HYUNDAI STEEL's flagship company for Green Steel in Europe," she said. "We have been importing steel from Korea for ten years, because it is of excellent quality. We import 50% of our steel from Korean mills. Now we definitely want to increase this number even more."
In 2026, Europe will introduce a mandatory declaration of the carbon footprint of steel imported from outside the EU, which is why the memorandum, aimed at a better environment, is the right move at the right time for both companies.
What does signing the memorandum mean?
In the memorandum, HYUNDAI STEEL commits to producing Green Steel. By 2050, the Korean smelter wants to produce steel with a zero carbon footprint.
TAWESCO will do the blasting and stamping tests and the entire test production for Hyundai Steel. It will also continue to broker the sale of this green steel.
For TAWESCO, the memorandum also means opening doors to new customers who are moving towards greening their production and going green.
20. 5. 2024 Tawesco
