POSCO to invest Won 327 billion

POSCO to invest Won 327 billion

South Korean steel producer POSCO is planning to invest total Won 327 billion ($276 million) to expand its production capacity of galvanized coils and sheets. POSCO will invest Won 189.9 billion ($160 million) to construct a new continuous galvanizing line in Gwangyang with an annual capacity of 400'000 mts. The construction of line is scheduled to start in November and expected to complete by June 2006. Furthermore, company will spend Won 136.8 billion ($115 million) to upgrade its pickling line. With this expansion, POSCO aims to increase line's production capacity by 500'000 tons by April 2006.