POSCO to increase CR stainless capacity
South Korean steel giant POSCO reportedly plans to build a cold rolling mill with a capacity of 400'000 tons of stainless cold rolled products at its Pohang works. Although the project has not been approved by the company board, it is said that the new cold rolling mill would cost Won 290 billion ($282 million) and would be commissioned by the end of 2006. Moreover, POSCO also aims to be one of the world's largest stainless steel producers by 2007. The company currently produces 2.8 million tons of stainless hot rolled products per annum.