The world's fifth largest steelmaker POSCO said Friday it has expanded its production capacity for galvanized steel and emerged as the the world's No. 2 auto steel sheet producer after Arcelor SA, the world's second-largest steelmaker.
POSCO has added production lines capable of churning out 400,000 tons of galvanized steel at its iron works in Gwangyang, specializing in steel sheets for cars. The expansion boosted a total annual production capacity of zinc-coated steel to 6.5
million tons, the company said.
In a bid to emerge as the world's biggest auto steel sheet maker, POSCO plans to invest 1.6 trillion won (US$ 1.68 billion) to upgrade its facilities for higher quality products in the next two years. The company has increased production capacity four times since 1997, it said.
Meanwhile, POSCO is also making efforts to establish a global network of steel processing centers. The company operates processing facilities in China, Thailand and Japan, and more are under construction in Mexico and India. It plans to establish more in Eastern European countries, China and India.
Currently, POSCO operates two iron works, one in Pohang, 374 kilometers southeast of Seoul, and another in Gwangyang, 423 kilometers southwest of Seoul. Seoul, June 30 (Yonhap News)
POSCO expands galvanized steel production capacity |
