POSCO, the world's fifth-largest steelmaker by output, said it has signed an initial agreement with Array Technologies Inc. to provide a corrosion resistant product to the U.S. manufacturer of ground-mounting systems used in solar energy projects, Trend reports citing Yonhap.
Under the memorandum of understanding inked virtually, POSCO will begin providing 200,000 tons of ternary alloy coated steel called PosMAC to Array Technologies between 2022 and 2023.
PosMAC, called "rust-free iron," is extensively used for buildings' inner and outer walls, outdoor units of air conditioners, automotive components and many other applications, according to POSCO.
The amount is enough to build a solar power generation system in an area the size of 12,000 soccer stadiums.
Kim Sang-gyun, marketing head for steel products at POSCO, said the MOU can help POSCO secure a leading position in the solar power generation industry.