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POSCO to Become Number One in Automobile Materials Business
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POSCO to Become Number One in Automobile Materials Business
  • By matthew
  • July 1, 2014, 02:27
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POSCO is increasing its sales of automobile materials in Asia, Europe, and America to become the global number one automobile materials company.

According to Global Insight on June 29, global car production grew 2.3 percent in 2013 and is expected to grow 3.9 percent this year. Especially around Asia and North America, the number of newly-registered cars and domestic sales are rapidly increasing. As the global automobile industry is growing, the automobile component industry is growing as well.

With the rapid growth of the automobile industry, POSCO is expanding its sales outlets for automobile materials, and building its foundation to become the world’s top automobile materials manufacturer. POSCO is supplying its automobile materials to major automakers including Hyundai Motors Group, GM Korea, SsangYong, Renault Samsung, Honda, Suzuki, Toyota, Nissan, and Matsuda. Global top 15 automakers such as GM, Renault Nissan, Fiat, Ford, and Peugeot Citroën also buy from POSCO.

Emerging countries like China and India are important outlets for POSCO as well. China, especially, is the biggest automobile market in the world, where all the global automobile companies are entering. POSCO is supplying to American and European automakers that have entered the Chinese market including GM, Dong Feng Peugeot Citroën (DPCA), and BMW. Japanese automakers that have entered China such as Toyota and Honda are buying from POSCO as well. POSCO is expanding the supplies of automobile materials directly to Chinese local companies including Great Wall Motors, Geely, and BYD to penetrate into local market.

POSCO moved to globalization from domestic supply which most of global steel companies have been doing. The automobile materials of POSCO range from widely-accessible models to luxury high-end types.

POSCO is also consistently developing products for future global automobile trends to be lighter, eco-friendly, more energy efficient, and safer. In addition, POSCO is expanding the solution sales platform in order to keep its competitive advantages over global competitors.