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South Korea's POSCO to build $800m plant for EV steel

Material for motor cores seen in high demand as electrification takes off

POSCO's new facility will quadruple production capacity for nonoriented electrical steel sheet. (Photo courtesy of the company)

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.

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