SOUTH KOREA: Posco and Renault Samsung increase collaboration
South Korean steelmaker Posco has signed a preliminary agreement with local automaker Renault-Samsung to enhance collaboration in high-performance steel products for passenger cars. The agreement creates a framework for the two companies to develop synergies at a number of levels, including technology development, production and marketing.
Posco is looking to increase its business in new Renault Samsung models due to be launched next year, including a new mid-sized passenger car and new SUV model. Some of the products to be supplied include high-strength steel sheets and possibly hot-press forming of welded blanks designed to reduce weight and improve durability.
Other areas of high-tech collaboration between the two companies includes the mass use of magnesium sheets and the use of doughnut-shaped fuel tanks for LPG cars.