POSCO to advance lightweight vehicles in China

South Korean-based steel-maker Pohang Iron and Steel Co. (POSCO) is aiming to help the advancement of lightweight vehicles in China, reports the Maeil Business Newspaper. POSCO revealed its intentions at the Early Vendor Involvement (EVI) Forum in Guangzhou, China, stating that it aims to venture into the Chinese market with its latest-generation material technologies. POSCO is already setting up an automotive steel plant in the country that is expected to produce 170,000 metric tons of steel per annum once it becomes operational by June 2010. The steel plant will feed demand in the country with its existing products, but there will also be an increasing market for value-added products such as lightweight steel as automakers seek to increase fuel efficiency and develop alternative-power train vehicles. (November 19, 2009)