South Korean steelmaker POSCO has completed the first phase of construction of its high-efficiency and environmentally-friendly non-oriented electrical steel sheet (a product which POSCO produces under the brand Hyper No) plant at Gwangyang Steel Works, which will meet the growing demand from the electric vehicle (EV) and high-end appliance markets, according to local media reports.
The company started the construction of the Hyper No plant, which will have a production capacity of 300,000 mt per year once completed, in April 2022 with an investment of KRW 1 trillion. With the completion of the first phase, the plant is now capable of producing 150,000 mt of Hyper No steel with a thickness up to 0.15 mm per year. Additionally, upon the completion of the second phase, POSCO will be able to produce 300,000 mt of Hyper No steel per year. The company also has another plant with a capacity of 100,000 mt per year at Pohang Steel Works. POSCO plans to complete the second phase by the end of this year to serve its customers at full capacity. High-efficiency non-oriented electrical steel sheet has critical importance since it reduces energy loss in motors and directly affects fuel consumption.
The company is also considering building a new electrical steel sheet plant in North America to respond to the growing global demand for the products in question and plans to reach 1 million mt of production globally by 2030.