POSCO International Corp., the trading unit of South Korea’s leading steelmaker POSCO, said Monday it will expand its overseas traction motor core production capacity to secure a new growth driver.

In a recent board meeting, POSCO International decided to build the No. 2 traction motor core plant in Mexico by March next year and a new one in Poland by May next year, the company said in a statement.

The decision is part of the company’s 2030 goal of establishing a global production and distribution system of more than 7 million traction motor cores a year and achieving a 10 percent share of the world’s traction motor core market.

Traction motor cores are a key component in all-electric vehicles and gasoline hybrid models.

POSCO International currently operates four traction motor core plants — two domestic ones in Pohang and Cheonan, one in Mexico, and one in China. The overall capacity from the four plants stands at 2.25 million units.

With the addition of the No. 2 Mexican plant and the Poland plant n
ext year and an Indian plant within a couple of years, the company will have seven plants in five countries.

Source: Yonhap News Agency