South Korea’s largest steelmaker POSCO has announced that it has completed construction for a specialized integrated processing facility for giga steel, an ultra-high-strength steel, in POSCO-CSPC (China Suzhou Processing Center), located in Suzhou, Jiangsu Province.
POSCO plans to continue its position and growth in the electric vehicle material market, contributing towards the company’s decision to make further investments in CSPC, the company’s largest overseas processing centre, which specializes in the production of automotive steel sheets.
As a result of the investments, CSPC has acquired a specialized slitter for giga steel with an annual capacity of 135kt and a 1,600-ton press. POSCO’s goal is to expand the sales volume of giga steel to more than double the current level, which accounts for about 6% of CSPC's total sales, by 2027.
"We will provide the highest-quality products and services at CSPC and the other 12 integrated processing centres in China, aiming to leap forward as a leading eco-friendly future material company in the rapidly changing Chinese automotive market centred around environmentally friendly vehicles."
Song Yong-sam, head of POSCO China
"We will provide the highest-quality products and services at CSPC and the other 12 integrated processing centres in China, aiming to leap forward as a leading eco-friendly future material company in the rapidly changing Chinese automotive market centered around environmentally friendly vehicles," Song Yong-sam, head of POSCO China stated.
Source: The Korea Economic Daily