South Korea-based steelmaker POSCO has announced that it will expand its high-end hot rolled stainless steel sales which will replace expensive imported materials.
Supply and demand of imported high-end hot rolled stainless steel are hard to keep in balance, not only because the material is expensive but also because its timely procurement from overseas is not easy. In this context, POSCO states that its expansion of sales of high-end hot rolled stainless steel is expected to contribute to meeting demand for the product in question.
The high-end hot rolled stainless steel products developed by POSCO are ATOS for automotive use which can substitute the products made by Sweden, Japan, etc., and Ancor-H, advanced steel with sulfuric acid corrosion resistance.
Since ATOS is more than KRW 300,000 cheaper per metric ton and Ancor-H is about KRW 150,000 cheaper per metric ton than the imported counterparts, the companies using these products may cut material purchasing costs significantly.
Ancor-H is expected to be widely used for domestic power generation facilities and equipment. Additionally, POSCO has been developing a next-generation Ancor-H which is more resistant to corrosion at similar costs to imported goods and plans to supply the product as of the second half of the year at the earliest.