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The first phase of the world's first 1.2 million-tonne "hydrogen metallurgy" demonstration project was completed by Chinese steelmaker HBIS Group on December 16. The hydrogen energy development and utilization project is aimed at achieving national carbon peak and carbon neutrality targets. Hydrogen metallurgy technology partially or completely replaces carbon with hydrogen as the reducing agent and fuel to deoxygenate iron ore. China is currently the world's largest hydrogen producer, with an annual volume of 30 million tonnes.