POSCO and Hyundai Motor, two leading South Korean industrial groups, signed a memorandum of understanding in Seoul on April 21 to cooperate in the fields of low-carbon steel and secondary battery materials.
Under the agreement, POSCO Group will co-invest in Hyundai Motor Group's planned steel plant in Louisiana, USA. The move will allow POSCO to regain a strong presence in the North American steel market, which has been limited in recent years due to protectionist trade barriers. For its part, Hyundai Motor, the partnership will provide stable access to special alloy and low-carbon steel materials for future vehicles, particularly electric vehicles.
In the area of secondary battery materials, the parties will jointly establish supply chains for key components used in battery production, such as lithium, cathodes and anodes. POSCO's experience in battery materials and Hyundai's green mobility technologies will be combined to develop next-generation battery solutions and sustainable production models.
“This cooperation will enable us to develop solutions for sustainable growth in many areas from steel to battery materials,” Ju-tae Lee, President of POSCO Holdings, stated at the signing ceremony.
The cooperation between Hyundai Motor Group and POSCO Group dates back to 1973. This 50-year partnership has led to significant achievements in the automotive and steel industries, not only in South Korea, but around the world. The new agreement takes this relationship into a new era based on “low-carbon steel and green mobility”.
POSCO also continues to expand its specialty steel portfolio for future mobility, with high-strength automotive steels such as GIGA Steel and materials suitable for battery packs. Under the “2 Core + New Engine” strategy, the Group is restructuring for long-term growth with a focus on steel, energy materials and new business areas.
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