POSCO branches out into titanium alloy biz

[THE INVESTOR] South Korea’s largest steelmaker POSCO has signed a memorandum of agreement with North Gyeongsang Province on Aug. 11 to expand into titanium alloy business.

POSCO already manufactures pure titanium products but will further the scope to include titanium alloy, a high added-value material lighter than steel and more durable than aluminum alloy. Mainly used for airplanes and satellites, the world’s demand for the material last year was estimated to be as much as 80,000 tons. 

It will join hands with the region and nurture the sector into a strategic industry, investing 100 billion won (US$91.16 million) over the next five years, according to industry sources.

By Hwang You-mee (glamazon@heraldcorp.com)