Posco, the biggest South Korean steel manufacturer, has signed a three-year contract with Samsung Electronics, marking the first-ever long-term agreement between the two companies. Posco will supply Samsung with cold-rolled steel and plated materials for use in home appliances, stainless steel and electrical steel until 2026, and will work with Samsung on developing high-functional steel materials, including new high-strength stainless steel for refrigerator doors, which will be 20% thinner yet 50% stronger than previous steel materials, and state-of-the-art technologies. The companies will also focus on promoting the usage of recyclable steel products for the environment, with two tech collaboration spaces called Guest Engineering to be opened for researchers from both firms. Posco aims to help Samsung in ramping up its home appliance manufacturing business, while simultaneously increasing its own global supply chain.
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