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Posco, Great Wall Sign Technology Cooperation Agreement
03/05/2012 - Posco recently signed a memorandum of understanding with the Great Wall Motor Co., pledging to take part in the Chinese automaker’s new auto development efforts, including its plan to use more high-strength steel.
Posco recently signed a memorandum of understanding (MOU) with the Great Wall Motor Co., pledging to take part in the Chinese automaker’s new auto development efforts.
The MOU states that Posco will be involved in design-material selection-molding development and assessment. It also stipulates the use of Posco products when its competitiveness is proven equal or superior to other suppliers.
Great Wall plans to replace its previous steel materials with high-strength steel (HSS). The company agreed to work with Posco to develop new cars that will incorporate Posco’s HSS technology.
The first phase of the joint development is expected to see production of 50,000 to 100,000 units. Posco is planning to support steel material technology via the China Technical Center from the initial development stage.
Great Wall sold 480,000 units in 2011, positioning the company as the third-largest Chinese carmaker. The company plans to double its output of 1 million units by 2015.
