South Korean steelmaker POSCO has announced that it has signed a memorandum of understanding with South Korea-based automaker Ssangyong Motor, and has opted to further enhance its global competitiveness by consistently evolving an amicable cooperative relationship between the two companies.
Through this agreement, POSCO has committed to provide stable supplies of high quality, competitive automotive materials required by Ssangyong Motor. In addition, it will also expand its efforts in the development of new steel grade according to the development of new cars of Ssangyong Motor and application of new materials.
In early January this year, Ssangyong Motor launched its compact sports utility vehicle Tivoli, which adopted high-strength automotive materials. Approximately 72 percent of POSCO`s superior high-tensile steel is being adopted to the car bodies of Tivoli.
As the current sales volume of Tivoli is steadily increasing and diesel and long-body variations of Tivoli are about to be launched after the second half of this year, this strategic cooperative relationship between the two companies is expected to become even more enhanced.