POSCO leads a new state-funded project to create next-generation electrical steel, aiming to boost electric vehicle (EV) driving ranges.

Ten organizations, including Hyundai Motor Company, SL Corporation, and the Korea Institute of Industrial Technology (KITECH), entered a multilateral agreement to manage everything from material creation to motor assembly. The Ministry of Trade, Industry and Resource and the Korea Institute for Advancement of Technology (KIAT) fund this program.

An initial meeting for this venture was held at the Research Institute of Industrial Science & Technology. Engineers will focus on manufacturing wide electrical steel containing 6.5% silicon. This electromagnetic iron-silicon alloy reduces energy loss during high-speed motor rotation. Maximizing drive motor efficiency helps these companies gain a stronger position in the global eco-friendly transportation market.