■ Two companies signed an MOU at POSCO Center in Daechi-dong, Seoul on Feb 8^th as a preemptive response to changes in auto parts market

■ Posco and SK are considering development of steel-plastic composite materials applicable to EV battery packs

■ President of POSCO Steel Business Unit Kim Hak-dong: “Going beyond steel to prepare for the era of eco-friendly vehicles through joint development with other materials including plastic”

■ CEO of SK Global Chemical Na Kyung-soo: “Anticipating swift development of new materials through synergies between two companies and strengthening collaboration with POSCO in more diverse fields”

POSCO and SK Global Chemical, a subsidiary of SK Innovation, joined hands for the development of new lightweight materials that are key elements of future mobility including EVs. POSCO and SK Group, each pursuing corporate citizenship and social value creation, have been raising synergies by working together in eco-friendly projects, following the Hopeful Lunchbox Sharing volunteer activities in late January.

The two companies announced on the 8^th that they entered an MOU for the development of automotive lightweight composite materials at POSCO Center in Daechi-dong, Seoul, Korea. Management boards of both companies, including President of POSCO Steel Business Unit Kim Hak-dong and CEO of SK Global Chemical Na Kyung-soo, attended the signing ceremony. This MOU is an outcome of the two companies’ agreement on the need for the development of innovative car materials as part of preemptive responses to changes in automotive parts market, following the expansion of the global EV markets.

“Through joint development of not only the steel-based car materials but also other materials like plastic, we will prepare for the era of eco-friendly vehicles in the future”, said Kim Hak-dong, President of POSCO Steel Business Unit. He continued, “We will collaborate further with SK Global Chemical to discover solutions that will maximize strengths of both companies.”

“Through joint development of not only the steel-based car materials but also other materials like plastic, we will prepare for the era of eco-friendly vehicles in the future”, said Kim Hak-dong, President of POSCO Steel Business Unit. He continued, “We will collaborate further with SK Global Chemical to discover solutions that will maximize strengths of both companies.”

POSCO and SK Global Chemical will each provide production and processing technologies for plastic and steel materials they possess, to research and develop steel-plastic composite materials that are lighter and more rigid than conventional automotive parts.

More specifically, the two companies plan to consider research and development of composite materials that can be applied to the production of EV battery packs, plastic materials that maximize adhesiveness to steel materials, and auto parts materials with greater endurance against external impact as in chassis.

CEO of SK Global Chemical Na Kyung-soo shared that, “We’re anticipating more swift development of new car materials in preparation for the era of future vehicles with our synergies in producing and processing chemical and steel materials.” “Starting with the development of automotive lightweight materials, SK Global Chemical will strengthen our collaboration with POSCO in more diverse fields,” CEO Na added.

[Photo]

POSCO and SK Global Chemical representatives took commemorative photos after signing the “MOU for developing new automotive lightweight materials” at POSCO Center in Daechi-dong, Seoul, Korea on February 8^th. (3^rd from left – Na Kyung-soo, CEO of SK Global Chemical, and 4^th from left – Kim Hak-dong, President of POSCO Steel Business Unit.)