South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it has canceled the plan to build its continuous galvanizing line (CGL) No. 7 at its Gwangyang plant.
In February 2010, POSCO started to build the 500,000 mt capacity CGL line at Gwangyang, but suspended its investment in April of that year.
The main reason for the definitive cancellation of the investment is that South Korean steelmaker Hyundai Steel started building its GCL line No. 2 last October at its Dangjin plant, with commissioning due in March this year.