Tata Steel Europe announced yesterday the cross-licensing agreement with POSCO, which will allow the company to increase the range of advanced products to key markets including the automotive and construction sectors.
How will the deal benefit Tata Steel Europe ?
The deal will allow Tata Steel Europe to access Physical Vapour Deposition (PVD) technology, an innovative process allowing steels to be given anti-corrosion coatings without the current requirement to heat them during the hot-dip galvanising process. This has the potential to allow for an increase in the number of steel products on which specific anti-corrosion coatings can be used.
The technology will help Tata Steel Europe meet the emerging need for sustainable steel products for next-generation cars and buildings and will allow the development and production of high-performing steels demanded by global customers.
POSCO plans to expand automotive steel sales to Europe
In exchange the agreement shall make POSCO to be able to produce Tata Steel Europe’s patented MagiZinc®.
MagiZinc® is an innovative hot-dipped galvanized coating providing enhanced corrosion protection even in harsh environments. Its formulation allows it to outperform conventional galvanised steel, which is why the coating has been widely adopted by the EU automotive and construction industry since its market introduction in 2009.
The new PVD technology developed and patented by POSCO is already adopted in the electronics industry but needs further development for automotive and construction applications.
Hans Fischer, CEO, Tata Steel Europe, said: “Tata Steel Europe and POSCO are both recognised as leaders in technological advancement and the two companies have a history of collaboration. By pooling our technical know-how, we will be able to develop and promote market innovation, strengthen our offering and give our customers in several key markets the innovative products they need to be successful.”
~Inputs from Steel Daily
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