Samsung and POSCO to jointly develop new materials

POSCO, the world’s third largest steelmaker, has decided to develop next-generation materials for smartphones and other electronic gadgets in cooperation with Samsung Electronics. This is the latest in a series of moves designed to boost business collaboration between Korea’s two leading enterprises.

Since POSCO Chairman Chung Joon-yang took the helm in February 2009, the steelmaker has explored various opportunities to strengthen business cooperation with Samsung and other companies to help realize his grand scheme to turn POSCO into a comprehensive material enterprise.

The company said Wednesday that it will sign a memorandum of understanding with Samsung Electronics Friday to jointly develop new materials for a wide range of information technology (IT) devices and home appliances.

Samsung, which uses more than 100,000 tons of various steel products annually to manufacture electronics goods, is one of POSCO’s major customers. POSCO also supplies steel and other raw materials to LG Electronics and other electronics makers.

For full article see Korea Times.