The largest South Korean steelmaker POSCO has announced the beginning of construction works at its new plant to be located in Pohang. The total cost of the project is about $1.4 billion.
The new plant will have an annual production capacity of two million metric tons and will produce steel for the needs of the automobile and shipbuilding industries, including hot rolled steel and shipbuilding plates.
The new facility, which is expected to commence production operations in 2010, will bring POSCO's annual steel production capacity up to 17.6 million metric tons upon completion.