Seoul: Hanwha Ocean Co., a South Korean shipbuilder, announced that it has entered into a memorandum of understanding (MOU) with POSCO, the country's leading steelmaker, to collaboratively develop next-generation ultra-high strength steel specifically for naval vessels.

According to Yonhap News Agency, the partnership will see the two companies working together in six key areas. These include the development of steel materials and their applications, welding materials and techniques, as well as hull application technologies. The collaboration aims to advance the capabilities of naval vessels through the creation of "giga-grade" steel plates. This advanced steel is projected to have up to four times the strength of conventional steel, making it suitable for use in cutting-edge naval platforms such as warships and unmanned surface vessels.

Kim Il-hong, the senior vice president of naval ship design at Hanwha Ocean, emphasized the significance of the partnership, stating, "The partnership marks the start of full-scale preparations to enter the global advanced naval ship market together with POSCO. We will position ourselves as a leading total naval solution provider."

The anticipated benefits of the new steel plate include enhanced structural integrity, improved ballistic protection, and increased weld safety. The companies have set a goal to complete the research and development phase for this innovative material within the next two to three years.