This photo, provided by POSCO Holdings Inc. on May 25, 2023, shows a company engineer operating a “giga steel” slitter at its new processing center in Suzhou, central eastern China.
SEOUL, May 25 (Korea Bizwire) — South Korea’s top steelmaker POSCO Holdings Inc. said Thursday it has dedicated a “giga steel” processing plant in eastern China in a bid to meet future demand for the steel product.
The plant, located at its Chinese processing center in Suzhou in Jiangsu province, is aimed at preempting the growing market for giga steel used in eco-friendly electric vehicles (EVs), POSCO Holdings said.
Giga steel is lighter and stronger automotive steel, which is widely deemed as an essential material for EVs. POSCO Holdings said giga steel is more economical and safer than aluminum and other alternative materials.
POSCO Holdings currently operates processing plants in 26 overseas hubs, including the China Suzhou Processing Center (CSPC).
With the completion of the latest processing plant, POSCO Holdings now has a giga steel slitter with an annual capacity of 135,000 tons and a 1,600-ton-class press.
Cumulative sales of the CSPC, which opened in 2003, come to 8.97 million tons. It is located in a region where several global EV firms operate.
POSCO Holdings said it will ramp up efforts to sell more giga steel to global auto parts firms and double CSPC’s giga steel sales by 2027.
(Yonhap)
