South Korean steel giant POSCO held a groundbreaking ceremony on April 7 for a new fuel cell stack manufacturing plant at its Pohang iron and steel industrial complex.
More than 300 people attended the event, including assemblymen Sang-Duk Lee and Byung-suk Lee, vice-minister of knowledge economy Young-Hak Kim, vice-governor Won-sik Gong of Gyeongsangbuk-do, vice-mayor Jung-Yong Yun of Pohang, and CEO Jun-Yang Chung.
The stack manufacturing plant, which will cost KRW 70 billion ($62.8 billion), will be built on roughly 43,000 m2 and will produce 100 MW fuel cell stacks corresponding to enough power for 120,000 households. Construction will last nine months and is expected to be completed in December.
Once the factory is completed, POSCO will acquire a system to produce fuel cell core products itself, realizing the potential success in the localization of an entire product, the company said.