South Korean steel producer POSCO's overseas investment projects are progressing as scheduled, as reported by South Korean industry sources.
The company's main overseas projects are for production of automotive grade sheets, for which demand is expected to increase greatly in emerging markets like India, China, and Mexico.
The Indian plant POSCO-Maharastra is undergoing hot run tests and will be commissioned in May this year with an annual production capacity of 450,000 metric tons of auto sheet.
Another auto sheet plant is under construction at Shunde POSCO Coated Steel in China's Guangdong Province with an annual output capacity of 450,000 mt, while groundbreaking has taken place for POSCO-Mexico with a planned annual output capacity of 500,000 mt.
In addition, POSCO is building a slab making plant and hot strip mill in Brazil and Indonesia, respectively. The Brazilian project CSP and Indonesian project PT Krakatau POSCO are scheduled to be completed in August 2015 and December 2013, respectively.
Other projects are progressing as per schedule. An electric sheet plant of 300,000 mt capacity per year in India and a stainless steel plant of 200,000 mt capacity per year in Turkey are currently under construction.