POSCO and Salzgitter AG signed cooperation agreement

POSCO and Salzgitter AG signed cooperation agreement

As a result of long discussions held since 2001 and a memorandum of understanding signed last December, on February 26, South Korean POSCO signed a technology cooperation agreement with Salzgitter AG, Germany's second largest steel maker. With this agreement, to be automatically extended every four years unless an objection is raised, a joint development of automotive steel sheets and exchange of relevant technologies is aimed. According to this cooperation agreement, both POSCO and Salzgitter AG will establish a committee that will determine the enclosure as well as the subject of technology cooperation. Besides, this committee, consisting of four technological and research executive officer, will complete an annual performance evaluation. In conclusion of the first meeting of the operating committee, a joint development program for MP-BH steel and production technology of isotropic steel sheets through continuous annealing line and continuous galvanized line was accepted by the two companies. POSCO has taken the first step with agreement on cold rolling and production technology of isotropic steel sheets, to show improvement in production scope expansion and quality development in steel sheets for automotive industry. Salzgitter AG, producing steel products like sheet, plate, and sections, has approximately 8.2 million tons of crude steel capacity. Steel division of the company Salzgitter Flachstah GmbH that has developed automotive isotropic steel sheets and pre-sealed steel sheets, secures these products to Europe's major automotive companies.