POSCO to invest $359 mil. in automotive steel plant by 2028
Korean steelmaker POSCO said Tuesday it will invest 480 billion won ($359 million) to build an automotive steel plant as it seeks to expand its high-end steel products business. The plant, which POSCO plans to complete by 2028, will have an annual production capacity of 450,000 tons of hot-dip galvanized steel for automotive outer panels, the company said in a press release. The facility will be…
Korean steelmaker POSCO has announced a $359 million investment to build an automotive steel plant, with completion targeted for 2028. The new facility will boast a production capacity of 450,000 tons of hot-dip galvanized steel annually, destined for automotive outer panels. As POSCO's eighth continuous galvanizing line (CGL), this will augment the existing seven lines at its Gwangyang integrated steel mill, situated 360 kilometers south of Seoul.
POSCO President Lee Hee-geun emphasized that this strategic move is designed to bolster the company's competitiveness in a rapidly evolving global steel landscape. The existing CGLs possess a combined annual output capacity of 4.5 million tons, while the new line will elevate POSCO's total annual production of hot-dip galvanized steel to 4.95 million tons.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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