POSCO to build magnesium sheet plant

South Korean steel giant POSCO plans to enter the magnesium sheet business due to the rapidly growing and lucrative sheet market. POSCO will invest Won 22.5 billion ($23.5 million) in the plant, which is expected to start production in the second half of next year. The facility will produce 3,000 tons of magnesium sheets annually by 2010. Magnesium sheets are 75 percent lighter than steel and 30 percent lighter than aluminum sheets. They are also easier to recycle and better at blocking electromagnetic waves than plastic. Therefore, magnesium sheets are used to produce mobile phones, Mp3 players, digital cameras and computers.