Tata Steel in Europe and POSCO from South Korea will collaborate to develop and test steels and tube designs, which will be used to create a hyperloop - a tube big enough to carry a passenger or freight pod able to travel at more than 1,000km/hour.
Both the companies will develop high quality steel grades which are tailored for use in these large diameter tubes - up to 3.5m. Additionally, the companies will join their efforts in research on innovative tube concepts and designs.
Steel is an essential material in building the infrastructure needed for the hyperloop, including the tubes through which it would travel. The giant steel tubes required not only need to allow a vehicle to travel in a low-pressure environment, where air is removed to cut resistance, but retain straightness over very long distances, the companies said.
Speaking after the collaboration documents were signed in a virtual ceremony, Ernst Hoogenes, Chief Technical Officer at Tata Steel, said: "Globally, hyperloops hold a lot of potential for the future of high-speed sustainable transport and these are very exciting projects. This is an important part of our ambitions towards decarbonisation.
"We are delighted to join forces with POSCO. Pooling our joint technical expertise will enable us to scale up our innovation efforts and give our customers the cutting-edge products they need to be successful."
Tata Steel's Europe is one of Europe's leading steel producers, with steelmaking in the Netherlands and the UK, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction and infrastructure, automotive, packaging and engineering.
Tata Steel group is an Indian multinational steel-making company. The steel major reported consolidated net loss of Rs 4,648.13 crore in Q1 June 2020 as against net profit of Rs 714.03 crore in Q1 June 2019. Consolidated net sales slumped 32.7% to Rs 23,812.50 crore in Q1 June 2020 over Rs 35,382.16 crore in Q1 June 2019.
The company will announce its September quarter earnings on Friday, 13 November 2020.
The scrip rose 0.08% to Rs 437.95 on the BSE. It traded in the range of 435.65 and 443 so far during the day.
On a year-to-date (YTD) basis, the stock has declined 7.20% while the benchmark S&P BSE Sensex rose 3.65% during the same period.
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