POSCO to build new steel mill

South Korean steel giant POSCO has announced plans to build a new steel plant in Pohang by 2010, with an investment of Won 1.4 trillion ($1.49 billion). The projected steel mill, which will be designed with an annual production capacity of 4.65 million mts of steel, will increase POSCO's annual steel production capacity to 13.25 million mts from its current 11.3 million mts, Korean sources report. Moreover, POSCO has also announced its intention to close an existing mill with an annual production capacity of 2.7 million mts, once the new mill comes on stream.