South Korean steelmaker POSCO has announced that it has decided to postpone the resumption of its blast furnace No. 3 at its Gwangyang steelworks. The blast furnace was planned to be restarted at the end of May following repairs; however, the company changed its plans amid weak demand due to the coronavirus pandemic.
POSCO has also decided to put some of its workers on paid leave as some of its production lines are still idled, SteelOrbis understands.
In its first quarter report, the steelmaker revised down its production guidance for 2020 from 36.7 million mt to 34.1 million.