POSCO, the world’s third largest steel maker, said yesterday it has developed a new non-nickel stainless steel product, which is 50% cheaper than the popular stainless steel with nickel.

Facing record high nickel prices, POSCO has been considering trimming nickel consumption and switching to metal with zero-nickel content. Global nickel prices have soared 50% so far this year, hitting a record US$50,200 per tonne on Tuesday, as investment funds pumped money into the low-stock metal.

“The new stainless steel, which has qualities similar to the popular nickel containing stainless steel products, can be a good substitute,” the company said in a statement.

POSCO produces two million tonnes of stainless steel in a year.

Information from: Reuters

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