Modern Steel has passed the acquisition of the automotive steel sheet market. Steel producers such as Posco and Hyundai Steel plan to further improve the quality of their steel products and auto parts by means of consistent R&D efforts to work with automakers to improve the quality of their vehicles.
In September last year, Posco and Chongqing Iron and Steel Group built a comprehensive 50-50 joint venture, and Chongqing Iron and Steel Group built an integrated steel mill capable of producing 3 million tons of molten metal per year through the Finex technology process. . In addition, it will begin operations of its third Finex technology plant in April this year, with an annual production capacity of 4 million tons.
& ldquo; Demand for next-generation steel products is expected to continue to rise as automakers are working hard to improve their vehicles to make them lighter and lighter,” said one representative, “we We will increase our supply to our existing customers such as General Motors and South Korea’s Renault Samsung to promote our marketing and replace the steel products imported by Hyundai Motor Company. At the same time, Hyundai Steel plans to provide more than half of the automotive steel used in Hyundai and Kia Motors. The ratio is now maintained at around 40%, but the annual production capacity of one million tons, which will be placed in its new special steel plant in Chungcheongnam-do, is expected to increase to 50%. High-strength special steel, which has great wear resistance, is a high value-added product for determining the performance of components such as engines and transmissions.
Hyundai Steel specializes in the manufacture and sale of steel pipes, processing and steel distribution and the production of automotive parts such as hydrogen fuel cell stacks and lightweight components. At the same time, it is planning to expand its steel service centers to overseas use to increase competitiveness and profitability.
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