POSCO said Tuesday it will invest 480 billion won to build an automotive steel plant by 2028. The facility will be at its integrated steel mill in Gwangyang, 360 kilometers south of Seoul, and will produce 450,000 tons a year of hot-dip galvanized steel for automotive outer panels. The new line will be POSCO’s eighth continuous galvanizing line and lift total annual hot-dip galvanized steel capacity to 4.95 million tons.
POSCO headqaurters in Seoul's Gangnam District / Korea Times file
Korean steelmaker POSCO said Tuesday it will invest 480 billion won ($359 million) to build an automotive steel plant as it seeks to expand its high-end steel products business.
The plant, which POSCO plans to complete by 2028, will have an annual production capacity of 450,000 tons of hot-dip galvanized steel for automotive outer panels, the company said in a press release.
The facility will be POSCO's eighth continuous galvanizing line (CGL) at its integrated steel mill in Gwangyang, 360 kilometers south of Seoul, adding to seven existing lines, it said.
