SEJONG, Dec. 7 (Yonhap) -- The U.N. maritime agency has approved guidelines on the application of POSCO's steel product, officials said Friday, paving the way for global sales of high manganese austenitic steel for liquefied natural gas (LNG) tanks.
The International Maritime Organization (IMO) made the decision in favor of POSCO's steel for cryogenic service in a session of its maritime safety committee at its headquarters in London, a Ministry of Oceans and Fisheries source said.
The approval could allow more than 170 IMO member states to use POSCO's high manganese steel to make tanks for storing LNG.
In 2013, POSCO developed a high manganese steel -- which can remain intact at minus 196 C -- for LNG tanks.
POSCO estimated that it could generate about 100 billion won (US$89.4 million) in sales of high manganese austenitic steel products by 2021, according to the ministry.
The IMO has so far allowed nickel steel, aluminum alloy and stainless steel for LNG tanks.
Prices of high manganese austenitic steel are about 6.4 times cheaper than those of 30 percent nickel steel, and 2.3 times cheaper than those of aluminum alloy, according to the ministry.