The Investor reported that South Korean Hyundai Steel has developed high quality alloy steel for gear reducers that reduces noise emitted by electric vehicles. Hyundai Steel said that reducers made of the alloy steel enhances thermal management of car batteries by 48% compared to other steels and reduces the sound of shifting gears & increases the durability of gear reducers more than twofold. Amid the fast-growing trend toward net zero, the EV market is rapidly expanding and so are motor components for EVs. With the newly developed alloy steel, we seek to gain a competitive edge in the EV materials market. The alloy steel will be first used in Kia’s electric vehicle EV6 GT, which is scheduled to be launched in 2022.The steelmaking technology was jointly developed with Hyundai Motor Group and its affiliate, Kia, and was certified as a New Excellent Technology by the Ministry of Trade, Industry& Energy. New Excellent Technology refers to a government-certified technology that is either new or innovative and has a huge economic and technological impact.