The American Society for Testing and Materials International has listed Posco’s new high manganese steel as a world standard technology, according to the company’s press release Tuesday.

ASTM International is a nonprofit standards development company that develops and publishes technical standards for materials, products, systems and services. A listing with the ASTM means that Posco’s creation of the world’s first-ever high manganese steel has been recognized as a material that can be utilized and trusted worldwide, the company said.

“Posco is a leading steel company that leads the ASTM Int’l standardization of new steel technology and has become a model for other companies by establishing a new standard for high manganese steel and proving its technological capability,” said Teresa Cendrowska, vice president of global cooperation at ASTM International.

South Korea’s largest steel producer Posco announced last month that it completed tests to commercialize the world’s first-ever high manganese steel production technology using liquid ferromanganese -- a ferroalloy that contains high quantities of manganese.

The new steel technology is resistant to minus 196 degrees Celsius and is suitable to store and transport liquefied natural gas.

The company has reportedly invested a total of 55 billion won ($49 million) since 2013 to develop the steel technology. Posco said it plans to use the high manganese steel to make cold-rolled steel for liquefied natural gas tanks, among others.