POSCO seeks to expand market with technology

Wednesday, Jun 30, 2010

POSCO is working hard to expand its overseas market and improve its technological capabilities by enhancing partnerships with overseas steelmakers and academic organizations.

The steelmaker on June 15 and June 16 hosted the first Magnesium-related technology exchange meeting with TKS.

The German steel company, which founded its magnesium-producing affiliate called MgF (Magnesium Flachprodukte GmbH) earlier this month, started to study ways to produce magnesium sheets by using strip casting technology. TKS is also involved in the partnership with Technical University of Freberg to produce magnesium based on their co-research.

The two companies have come to share their current and future views on the global magnesium market with each other, as well as to exchange technologies. During the meeting, the two parties also discussed conditions to have each other as their `backup partners.`

The backup partner system is to ensure each other`s production and supply schedules. By signing a backup partnership with TKS, POSCO is expected to expand rapidly into the European car market, which will also help the Korean company boost its sales of magnesium products.

Meanwhile, POSCO had a joint workshop with Japan`s National Institute for Materials Science on June 21. During the event, the two companies exchanged each other`s know-how in four primary research fields, including how to evaluate the effect of delayed fracture of automotive steel sheets -- a recent issue in the field of advanced high strength steel -- and stainless steel with corrosion and high temperature resistance.

The two have also reached an agreement to exchange researchers to make their partnership a successful in the field steel research.

Source: POSCO