POSCO Chairman Choi Jeong-woo "Leading the New Mobility Era"... Developing Steel and New Materials for Future Cars

Global Steel Analysis Firm WSD Hosts Online Conference
Chairman Choi Jung-woo Delivers Keynote Speech...Analyzes Post-COVID Megatrends
"In the New Mobility Era, We Must Actively Respond to Changes in the Automotive Paradigm"

[Asia Economy Reporter Hwang Yoon-joo] POSCO announced that it will lead the 'New Mobility' era through the development of new steel materials to be applied to future vehicles such as electric cars, hydrogen cars, and autonomous vehicles, as well as eco-friendly technologies.

Choi Jeong-woo, Chairman of POSCO, delivered a keynote speech titled "Post-COVID Megatrends and the Steel Industry: The New Decade" at an online conference hosted by the global steel analysis organization WSD (World Steel Dynamics) on the 27th. At this event, Chairman Choi shared management strategies to cope with the accelerating 'New Mobility' era after the COVID-19 pandemic with the global steel industry.

Chairman Choi defined the megatrends in the steel industry after COVID-19 as ▲New Mobility ▲Urbanization ▲Digitalization ▲Decarbonization ▲De-globalization. Among these, he emphasized that the steel industry must actively respond to the paradigm shift in the automotive sector. He stated, "The steel industry should focus on developing ultra-lightweight, high-strength body and chassis materials based on steel's high economic efficiency and eco-friendliness."

POSCO is actively responding to the future eco-friendly mobility era, including electric and hydrogen vehicles. It has been focusing on developing steel products targeting future vehicle materials such as metal separator plates used in fuel cells, which are core to hydrogen fuel cell vehicles, giga steel that can drastically reduce the weight of electric vehicles, and eco-friendly non-oriented electrical steel sheets.

In addition to automotive steel sheets, POSCO is expanding its electric vehicle battery materials business through its affiliate POSCO Chemical. Among large corporations capable of large-scale investment, POSCO is the only one producing both cathode and anode materials. The battery materials business is a new growth engine for POSCO, with large-scale investments made since Chairman Choi took office.

Chairman Choi also mentioned the necessity of realizing a 'digital steelworks.' He diagnosed, "The ultimate goal of the steel industry should be the realization of a 'Digital Twin Steelworks,' where optimal equipment and process control is achieved through real-time simulation based on equipment and process data of the steelworks." POSCO has sequentially applied artificial intelligence technology starting with the smartification of Pohang Steelworks' No. 2 blast furnace, followed by No. 3 blast furnace. The recently renovated and operational Gwangyang Steelworks' No. 3 blast furnace has also been transformed into an AI-powered blast furnace.

Furthermore, Chairman Choi emphasized that for carbon neutrality in the steel industry, more consideration should be given to various ways to utilize carbon dioxide and steelmaking by-products inevitably generated during processes, and that in the long term, decarbonization of steelmaking processes based on hydrogen must be achieved.

In addition, Chairman Choi proposed the promotion of the 'Green Steel Initiative,' which calls for a joint response by the global steel industry to the advent of the hydrogen era. It focuses on collaboration in carbon reduction technologies and information sharing among major steel companies.

This content was produced with the assistance of AI translation services.