New chairman of POSCO paying attention to electric vehicle industry

POSCO’s new Chairman Kwon Oj-joon, who is scheduled to take office on March 14, has decided on electric vehicles (EVs) as his company’s future growth driver. POSCO and its subsidiaries are planning to create new business opportunities in the EV industry by working on automobile steel sheets, auto parts, and battery materials. The steelmaker announced on March 13 that its subsidiaries participate in the first International Electric Vehicle Expo, which kicks off on March 15 in Jeju. POSCO, POSCO ICT, POSCO Chemtech, POSCO ESM, and many others are showing off their advanced technology in the world’s first EV expo.

The company is currently supplying steel sheets for Evs, and is going to focus more on related components and materials. The super-light, high-strength steel plates developed by POSCO are used mainly to manufacture EV frames and outer panels. When compared to existing products, these use at least 40 percent more ultra-high strength steel (UHSS) to reduce the weight of a vehicle body by approximately 25 percent while also satisfying the international collision safety regulations that become effective in 2015. The products are already used in Renault Samsung Motors’ SM3 Z.E. and GM Korea’s Spark EV. Kia Motors’ Soul EV is going to use the same products, too.

POSCO is concentrating as well on the development of lithium, which is a key material for secondary batteries, magnesium used in vehicle frames and panels, and neodymium permanent magnets for use in motors. The company will set up a pilot plant in Argentina in this context.

For full article, see Business Korea.



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