POSCO signed the MOU with India-based re-roller, Theis Precision Steel to offer 25,000 tons around of high carbon hot rolled steel sheets per year. Haigh carbon steel is the major POSCO’s World Top Premium steels that are principally used for automotive components. POSCO has strived for exploring overseas markets to brace for the risks that have been brought in line with the Korean automotive industry’s depression. For instance, in 2016, POSCO completed to construct not just the simultaneous production system linking Pohang Works and Kwang Works, but also the foundation to offer the product quality solution to meet order, thereby could expand its export to 180,000 tons last year from 27,000 tons in 2015. The 2019 export goal is above 200,000 tons.
POSCO expects that the MOU will contribute to providing an opportunity to expand export markets into India from usual focus on Europe’s large customers. Theis Steel began to switch from Tata Steel to POSCO in purchase of starting materials since the end of 2017 and started to expand the buying tonnage to 20,000 tpy from this year, finally establishing POSCO as its largest buying source of high carbon steel sheets.
POSCO said that the MOU reached with Theis Steel will contribute to the extension of export of high carbon steel sheets into India, and will strengthen the cooperative relationship in both stable offering of starting materials and regular technology exchange in response to the addition of processing lines of India’s largest auto maker, Maruti Suzuki.
Source: Steel&Metal News |
