South Korean steel-making company POSCO has been given government approval to use its cryogenic high manganese steel (HMS) 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 and is now considered by the South Korean government as a material reliable for manufacturing land-based LNG tanks.
The company said the material could withstand temperatures as low as -196 Celsius and was cheaper than nickel alloy steels that are commonly used in manufacturing LNG storage tanks.
It is worth adding that the International Maritime Organization (IMO) approved interim guidelines last year for applying POSCO’s cryogenic HMS in LNG storage and fuel tanks for vessels.