A massive explosion occurred at South Korean steel producer POSCO’s Gwangyang plant on Tuesday, December 24, according to the local press and the company statement, with five people injured. The accident happened at the power plant of Gwangyang Steelworks during testing operations. The plant is a new facility upon which steel production does not depend, and so there will be no losses in production resulting from the explosion, SteelOrbis understands.
Gwangyang Works’ crude steel production capacity is 24.8 million mt per year.
Some decline in steel production is possible only due to regular maintenance, which is expected in early 2020, sources said.
