South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it has signed a three-year agreement with South Korea-based Samsung Electronics to supply steel sheets for home appliances until 2026. With the agreement, POSCO’s steel supply to Samsung Electronics will be increased by 25 percent.
In addition, the companies plan to jointly develop high-intensity stainless steel for refrigerator doors. The upcoming stainless steel product will begin shipping this year. Moreover, the two companies will establish research facilities for technological cooperation, named Gest Engineering, one at POSCO’s Steel Solution Research Lab in Incheon, and another at Samsung Electronics’ Suwan plant.