South Korea-based steelmaker
POSCO has announced that the expansion of its Pohang Steelworks
wire rod mill No. 4 has been completed and the production of high quality
wire rod has started. With the additional 700,000 mt of annual capacity,
POSCO now has 2.8 million mt of annual
wire rod production capacity.
According to
POSCO, the
wire rod mill No. 4 will produce high quality products including extremely high strength spring steel and high strength wires for deep sea development which steel companies in China have found it difficult to produce. The company expects KRW 27 billion ($23.87 million) in annual import replacements by expanding supply amounts of automobile lightweight parts and high-functional parts which are rapidly increasing in demand.