POSCO to increase steel plate production

POSCO disclosed that it would gradually increase its annual production capacity for steel plates from the current 3.6 million tons to 4.7 million tons by 2009 in an effort to meet the growing demand. The company will invest Won 90 billion ($95 million) in upgrading its steel plate production facilities and developing new technology to improve production efficiency. Surging demand from local shipbuilders contributed to this decision. Local shipbuilders are expected to consume 6 million tons of steel plates this year.