On Tuesday, South Korean steelmaker Pohang Iron and Steel Company (POSCO) said that it plans to invest US$300 million in the second phase of construction for its galvanized steel plant in Altamira, Mexico.
POSCO expects construction to begin in November, and the project is scheduled for completion by June 2013. With the new upgrade, the Altamira mill will have the capacity to produce 500,000 tons of galvanized steel annually to support Mexico's automotive industry.