South Korea’s Ministry of Trade, Industry and Energy has released a report regarding the impact of Hinnamnor typhoon in September on steelmaker Pohang Iron and Steel Co. (POSCO).
According to the report, as of November 10, six out of POSCO’s 18 steel production facilities at the Pohang Works are in operation again.
The company suspended operations at the Pohang Works on September 6 because of the fire caused by the typhoon, as SteelOrbis previously reported.
POSCO was aiming to return its production to the level before the damage at the end of this year, but now the Pohang Works is expected to fully resume operations in the first quarter of 2023.
Meanwhile, the company is expected to incur a KRW 2.4 trillion ($1.83 billion) loss in sales revenues.