South Korea's renowned steel manufacturer, POSCO, has successfully concluded the initial phase of construction for its cutting-edge non-oriented electrical steel sheet plant at Gwangyang Steel Works. The state-of-the-art facility, producing under the brand Hyper No, is poised to meet the escalating demand from the electric vehicle (EV) and high-end appliance markets, as reported by local media.
Commencing construction in April 2022 with a KRW 1 trillion investment, POSCO's Hyper No plant is set to have an impressive production capacity of 300,000 metric tons per year upon completion. The completion of the first phase marks a significant achievement, enabling the plant to generate 150,000 metric tons of Hyper No steel annually, with a thickness up to 0.15 mm. Furthermore, upon the successful conclusion of the second phase, POSCO anticipates an annual production capability of 300,000 metric tons of Hyper No steel. Notably, the company already operates an additional plant with a capacity of 100,000 metric tons per year at Pohang Steel Works. POSCO's strategic plan aims to finalize the second phase by the year's end, ensuring full capacity utilization to meet the demands of its customers.
Recognizing the critical importance of high-efficiency non-oriented electrical steel sheet, which significantly minimizes energy loss in motors and directly impacts fuel consumption, POSCO's investment aligns with the evolving needs of the market.
Looking ahead, POSCO has set its sights on potential global expansion, contemplating the construction of a new electrical steel sheet plant in North America. This strategic move is in response to the burgeoning global demand for the specialized products. The company envisions reaching an ambitious milestone of 1 million metric tons of production globally by the year 2030, solidifying its position as a key player in the rapidly growing electrical steel sheet industry.
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