POSCO's new steel plant

POSCO’s new steel plant

South Korean steelmaker POSCO has completed the construction of Steel Making Plant III located in Pohang on April 30, 2003. The mill's annual capacity is 600'000 tons.With the completion of this plant, POSCO has become the world's fifth largest stainless steel sheet producer with a total annual capacity of 1'660'000 tons. POSCO's stainless steel sales are expected to grow from last year's 16.3% to 18% of total sales. And next year the company expects to reach a sales growth of 20%. In addition, POSCO can supply 360'000 tons hot rolled stainless coil for the major mills in China. Also, POSCO's hot rolled stainless steel was selected as a world level product by Ministry of Commerce Industry and Energy. For Steel Making Plant III, POSCO's investment costs are lowered by 20% by using existing facilities in this expansion when compared to Steel Making Plant II built in 1996.