Lutz Joins Board of High-Tech Steelmaker

NanoSteel Co., a developer of nano-structured sheet steel, has appointed former General Motors Co. Vice Chairman Bob Lutz to its board of directors.

GM's venture capital unit, General Motors Ventures LLC, acquired an unspecified holding in NanoSteel in August.

The Providence, R.I.-based company says it has developed a new class of cold-formable sheet steel that could allow thinner, stronger and significantly lighter components, thus helping automakers reduce vehicle weight and improve fuel economy. The technology is a less expensive alternative to such lightweight materials as aluminum and carbon-fiber-reinforced plastic.

Lutz told the AutoBeat Insider Conference last month he is optimistic about NanoSteel's prospects, in part because its products would work with the existing manufacturing infrastructure.

The privately held company currently provides metallic coatings for the oil and gas, mining and power industries.