POSCO to raise steel plate output

POSCO to raise steel plate output

South Korean steel producer POSCO has stated that in order to meet growing demand from domestic shipbuilders it will expand and update its production lines to increase its annual steel plate production to 3.8 million tons by 2008 from the current 3.3 million tons. POSCO also plans to increase its annual hot-rolled steel capacity by 400'000 tons and will accordingly build new hot-rolled steel production facilities. According to market sources, South Korea imports 1.5 million tons of steel plate annually from Japan as domestic steel makers cannot completely supply steel plate to domestic shipbuilders.