SEOUL, June 8 (Reuters) - POSCO , the world's third-biggest steel producer, said on Wednesday that it has agreed to purchase a 20 percent stake in U.S. graphene maker XG Sciences, as part of its efforts to beef up its materials business.
POSCO said that it plans to build manufacturing facilities for the material, used in electronics, in South Korea next year, with Hanhwa Chemical which in January bought a 19 percent stake in XG Sciences for $3 million.
Graphene is used in TVs, monitors and touchscreen handsets, and the latest deal will secure a stable supply of the material for the automotive, technology and energy industries, POSCO said in a statement.
The South Korean steelmaker did not disclose the value of its deal, which enabled it to become the biggest shareholder of the privately-held company based in East Lansing, Michigan. XG Sciences is one of the two companies which produces graphene for commercial use, along with Vorbeck Materials Corp, POSCO said.
Graphene is a form of carbon that is just one atom thick and yet 100 times stronger than steel. [ID:nLDE6940Z4] It is one of the most thermally and electrically conductive materials known, Vorbeck said.
Experts say the material has a long list of potential applications, from use in touch screen technology to solar cells, light panels, gas sensors and flexible electronics. Due to its extremely light weight and strength, it is also likely to be useful in satellite and aircraft technology. (Reporting by Hyunjoo Jin; Editing by Jacqueline Wong,sourced Thomson Reuters)
POSCO said that it plans to build manufacturing facilities for the material, used in electronics, in South Korea next year, with Hanhwa Chemical which in January bought a 19 percent stake in XG Sciences for $3 million.
Graphene is used in TVs, monitors and touchscreen handsets, and the latest deal will secure a stable supply of the material for the automotive, technology and energy industries, POSCO said in a statement.
The South Korean steelmaker did not disclose the value of its deal, which enabled it to become the biggest shareholder of the privately-held company based in East Lansing, Michigan. XG Sciences is one of the two companies which produces graphene for commercial use, along with Vorbeck Materials Corp, POSCO said.
Graphene is a form of carbon that is just one atom thick and yet 100 times stronger than steel. [ID:nLDE6940Z4] It is one of the most thermally and electrically conductive materials known, Vorbeck said.
Experts say the material has a long list of potential applications, from use in touch screen technology to solar cells, light panels, gas sensors and flexible electronics. Due to its extremely light weight and strength, it is also likely to be useful in satellite and aircraft technology. (Reporting by Hyunjoo Jin; Editing by Jacqueline Wong,sourced Thomson Reuters)
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