SEOUL, Aug. 13 (Yonhap) -- South Korea's top steelmaker POSCO said Tuesday its cryogenic high manganese steel (HMS) has earned government approval as a material reliable for manufacturing land-based liquefied natural gas (LNG) storage tanks.
POSCO completed the development of world's first cryogenic HMS in 2013 after six years of research.
The company said the material can withstand temperatures as low as -196 C and is cheaper than nickel alloy steels that are commonly used in manufacturing LNG storage tanks.
Last year, the International Maritime Organization (IMO) approved interim guidelines on applying POSCO's cryogenic HMS in LNG storage and fuel tanks for vessels.
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