POSCO brings vivacity to Korean economy

POSCO brings vivacity to Korean economy

Based on a statement released from South Korean steel giant POSCO, the company will enliven Korean economy with massive investments, which will lead to an improvement in the country's social and economic life. POSCO will invest Won 13.5 trillion ($11.5 billion) in the coming five years, 80% of which will be made to domestic steel industry. Accordingly, this amount of investment is expected to create job opportunities in various industries, leading to a revival in the economy of the country. POSCO's investments also holds great importance for Korea, as the country, suffering from steel shortage, has been depending on the imports for the last couple of years. As previously reported by SteelOrbis, POSCO's investments include establishment of FINEX mills, which have more advanced steel processing technology and cost reducing property, regular upgrading of its blast furnaces, increasing production capacity, especially production of hot rolled steel, and improving its product mix and quality to serve both for steel industry and for the related industries.