PRESS RELEASE:
Recognizing new paradigm in automotive sheet steel performance
PROVIDENCE, R.I.–(BUSINESS WIRE)–May 20, 2016–
NanoSteel®, a leader in nanostructured steel materials, and the company’s joint development launch partner, AK Steel Corporation, have won the Platts Global Metals “Breakthrough Solution of the Year” Award. Announced in London yesterday evening, Platts honors top performers- industry leaders and innovators- for business achievement and overall impact on the industry. This award is in recognition of NanoSteel’s advanced automotive sheet-produced by AK Steel-which brings the combination of both high strength and high formability to automotive lightweighting.
“The company is honored to have our advanced sheet selected as Platt’s Breakthrough Solution of the Year,” said NanoSteel president and CEO David Paratore. “We believe this product brings optimal properties to automotive engineers for reducing structural weight without compromising safety and ride-quality requirements. Our material also provides all the benefits of steel, making it more cost-effective than alternative metals and easier to integrate into a supply chain and parts manufacturing footprint that has successfully produced steel automotive components for more than 100 years.”
The Platts Global Metals Award recognizes the product’s groundbreaking properties, which offer the combination of both high strength (1200 MPa) and high formability (50% elongation), exceeding the third generation advanced high strength steel (AHSS) target set by automakers. The strength properties enable the design of parts with thinner gauges that reduce weight and the formability properties enable component designs with unique geometries for increased stiffness. Exceptional elongation also allows automakers to use existing manufacturing infrastructure without additional capital investment and operator re-training.
“AK Steel is delighted to partner with NanoSteel to bring this third-generation AHSS into commercial production and distribution for the automotive industry,” said Roger Newport, CEO of AK Steel. “As the first steel producer to develop the process to manufacture this unique product, we appreciate this recognition from Platts. This multi-year partnership between two innovative companies is uniquely positioned to advance steel’s leadership in vehicle lightweighting.”
Added Paratore, “AK Steel’s broad proficiency across multiple technologies and top reputation for quality make them an ideal launch partner to develop our AHSS to commercial scale and drive early adoption within the industry.”
About NanoSteel
NanoSteel is an advanced materials company specializing in the design and commercialization of patented steels with exceptional mechanical properties derived from their nano-scale microstructure. The Company’s primary focus is proprietary alloys for use as sheet steel in automotive lightweighting applications. Founded as a spinoff of the U.S. Department of Energy’s Idaho National Laboratory in 2002, NanoSteel has developed multiple generations of ferrous materials innovations including metallic coatings, additive manufacturing powders, and sheet steel protected by over 300 patents filed and/or granted worldwide. NanoSteel is a privately held company funded by lead shareholders EnerTech, Fairhaven Capital, and GM Ventures. For more information, visit www.nanosteelco.com or follow us on Twitter @NanoSteelCo.
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NanoSteel
Robyn Kennedy, 617-694-7373
rkennedy@nanosteelco.com