POSCO said that it has gained momentum in its move to become a global player in the high performance steel market as it has successfully provided a complete shipment of “high performance steel to Daewoo Shipping and Marine Engineering.

 

The world’s largest steel maker said that it aims to increase its market share in the sector to over 10% by 2020 from the current 7%. High performance steel refers to metal that is able to endure deep sea pressure as well as freezing temperatures. It is used to build floating production, storage and offloading vessels designed to refine and store oil or natural gas. An Official from the firm said that “We will increase the sales of high performance steel as a leading global steel maker.”

 

POSCO has completed providing all 88,000 tonne to DSME for the construction of an offshore plant for Total. The project titled CLOV is an acronym of Cravo, Lirio, Orquidea and Violeta the 4 oil fields in Angola’s deep offshore with reserves of oil estimated to be 50 million barrels.

 

Total awarded DSME the contract to build the FPSO that is 305 meters in length, 61 meters in width and 110,000 tonne in weight at a total cost of USD 1.8 billion. The vessel to be completed by April has the capacity to refine 160,000 barrels of oil per day and 230 million cubic feet of natural gas per day with oil storage capacity of 1.9 million barrels.

 

An USA magazine also said that CLOV will be the second largest FPSO in the world when it is completed in April. It added POSCO has won the respect of Total as a steel supplier for such a big project.

 

It said that “POSCO was already registered with Total as a supplier capable of meeting the strict requirements for offshore structures that could quickly respond to changes in plans and requirements as needed.”

 

The company will also supply high performance steel for FPSOs to Sheel an international refiner until 2016.