South Korean POSCO sets up steel mill to meet China's EV market
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Update time : 2023-05-26 17:05:31
South Korean POSCO Holdings indicated that it had completed a "Giga Steel" processing plant in eastern China to fulfill future needs for the China EV market.
According to POSCO Holdings, the plant, which is located at its Chinese processing center in Suzhou, aims to anticipate the expanding market for Giga Steel used in environmentally friendly electric vehicles (EVs).
Giga Steel, the modern high-strength steel product, can withstand more than 100 kilograms of force per square millimeter.
At the moment, 6% of the processing center's sales come from Giga Steel. By 2027, Posco intends to increase Giga Steel's sales to more than 12% of the center's total sales.
