ㅣ POSCO to exchange its cutting-edge PVD coating technology with TSE’s high corrosion-resistant MagiZinc® products
ㅣ PVD technology to find outlet in Europe, anticipating birth of a new market
ㅣ Commended for fair competition and mutually respectful technical cooperation
POSCO’s new engagement with Tata Steel Europe (TSE) paves the way in shaping a new global automotive steel market and beyond. On June 13, in Ijmuiden, the Netherlands, POSCO signed a cross-licensing agreement to trade its PVD* with Tata Steel Europe (TSE)’s MagiZinc®* technology.
*PVD (Physical Vapor Deposition): Eco-friendly high-speed dry coating technology developed by POSCO that plates metal vapor on steel sheets in vacuum at high speed. It significantly reduces the output of carbon dioxide (CO2), nitrogen oxides (Nox), and other chemical pollutants.
*MagiZinc®: TSE’s high corrosion-resistant products produced by mixing iron and magnesium as coating material. It is widely used as automotive steel and building materials.
The signing ceremony was attended by ten officials including Sung Yu, POSCO’s Head of Technology Investment Division and Hans Fischer, TSE’s Chief Executive Officer where both companies formalized the exchange and commitment to cooperate on global market expansion in Europe’s automotive steel industry and to seek potential demands.
Hans Fischer remarked, “As global steel technology leaders, Tata Steel Europe has a longstanding partnership with POSCO. Through this mutually beneficial technology trade, our technical expertise will help develop future markets and produce innovative products for keen customers.”
The deal will grant POSCO’s PVD technology a broad market throughout Europe while incorporating TSE’s plating technology to target new businesses in the automotive steel sector. This mutual partnership is rather exemplary in the dealings of fair trade and mutual respect in the global market environment where protectionism and competition are intensifying among leading companies.
Having been prepared to reach this agreement since 2015, the two leading steelmakers will extend their technological ties to the future based on the agreement guidelines and through diverse communication activities.