At the MOU signing ceremony held in POSCO Center, Ssangyong Motor`s Managing Director of Purchasing, Park Kyung Won, and POSCO Senior Vice President, Lee Won Hui, signed the contract as a representative of each company.

Through this MOU, POSCO pronounced to stably supply high-quality, competitive automotive materials required by Ssangyong Motor. In addition, it will also expand solution marketing endeavors in the development of new steel grade according to the development of new cars of Ssangyong Motor and application of new materials.

In early January of this year, Ssangyong Motor launched the compact SUV (Sports Utility Vehicle), `Tivoli`, which adopted high-strength automotive materials. POSCO engaged in aggressive solution marketing efforts by proposing steel grade for application to the car body and supporting the analysis of high-tensile steel forming. As a result of systematic cooperation between the two companies, approximately 72% of POSCO`s superior high-tensile steel is being adopted to the car bodies of Tivoli.

As the current sales volume of Tivoli is steadily increasing and diesel and long-body variations of Tivoli are about to be launched after the second half of this year, this strategic cooperative relationship between the two companies is expected to become even more enhanced.

In particular, Ssangyong Motor is considering a plan to apply magnesium speakers to Tivoli, which were previously applied to `Korando C` for the first time in Korea, in order to enhance the acoustic quality of car speakers. Therefore, POSCO is looking forward to the expansion of applying magnesium car speakers as well as an increase in sales of magnesium steel.