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Article Excerpt
PROJECT OVERVIEW:
South Korea-based POHANG IRON & STEEL CO. LTD. (POSCO) currently operates 2 cold-rolled (CR) stainless steel plants in China. Although POSCO had originally planned to feed 600,000 tons per year (t/y) of its hot-coils produced in Pohang, about 270 kms southeast of Seoul, to its 2 Chinese mills the company subsequently changed the nature of its development plans..
As a result, POSCO has now decided instead to build a 3rd plant in China. Construction plans under consideration call for building a mill with an installed production capacity of 800,000 t/y of hot-coils. In so doing, the company intends to avoid bilateral trade issues and to be in a better position to compete with major Chinese steel producers.
The cost to complete the new facility, by the end of 20006, has been estimated at about $750,000,000.
In addition, POSCO is also said to be also considering the construction of a new CR stainless steel plant in South Korea in order to reduce its hot-coil surplus. However according to Lee Youn, POSCO Sr. Executive Vice-President, details of the construction plan will only be finalized later this year.
In so doing, the company feels that it is time to move from its major hot-coil business to the CR stainless steel business since China started to supply hot-coil and cold-rolled stainless steel products by itself and it can no longer survive only through exporting hot-coils. Because there is a limit in expanding hot-coil exports POSCO is now considering building a new CR stainless steel plant in Pohang, South Korea that may involve introducing new technology.
POSCO employs a total staff of about 19,500 engaged in the manufacture of hot and cold rolled steel coil and sheet, plate, silicon steel, billet, wire and rod.
COPYRIGHT (Cr) World Wide Projects (WWP) 2004 The data contained in this report may not be reproduced, redistributed and/or put into an information retrieval retrieval system without the prior written permission of the...
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