POSCO breaks ground for EV steel plate base in Korea

South Korean steel giant POSCO said on Friday it has broken ground for a $804 million plant for non-oriented electric steel plates in Gwangyang, South Jeolla Province. The new plant capable of producing 300,000 tons of such products per year is slated for completion in 2025.

The ground-breaking ceremony was attended by POSCO Vice Chairman Kim Hak-dong and Gwangyang Deputy Mayor Kim Kyung-ho, among others.

POSCO earlier announced it will invest 1 trillion won ($804 million) sequentially to scale up production of non-oriented electric steel plates in a response to rising demand in the global eco-friendly automotive market.

POSCO is currently capable of rolling out 830,000 tons of electric steel plates per year, including 100,000 tons of non-oriented electric steel plates.

Non-oriented electric steel plates are used for driving motor cores of electric vehicles and home appliances that require high efficiency.

Electrical steel plates used in machinery and devices with electrical and magnetic applications are classified into grain-oriented (GO) and non-oriented (NO) electrical steel plates according to electromagnetic characteristics, and NO plates have uniform magnetic properties in all directions.

With this investment, POSCO will build the world’s best production system for electrical steel plates and solidify its position as a global supplier to lead the sector for eco-friendly cars and high-end home appliances, said POSCO Vice Chairman Kim Hak-dong.

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