SEOUL -- POSCO broke ground Friday on a 1 trillion won ($800 million) production facility that will quadruple capacity for a key motor material, anticipating rapidly growing demand as the automotive industry goes electric.
The new facility at POSCO's Gwangyang steelworks will produce nonoriented electrical steel sheet, a metal used in electric-vehicle and appliance motor cores that can boost energy efficiency. This material was at the core of a patent infringement lawsuit filed by Nippon Steel last year against Toyota Motor and Baoshan Iron & Steel.
