POSCO to increase value-added steel capacity

South Korean steel giant POSCO has announced that it is planning to spend Won 1.5 trillion (around $1.6 billion) by 2008 to increase production of value-added steel as a part of investment plans announced in January. POSCO seeks to raise the production ratio of value-added products such as steel plates for automobiles to 80 percent by 2008 from 48 percent last year.