STOCKS | POSCO Plans 480 Billion Won Auto Steel Plant in South Korea

POSCO said on Tuesday it will invest 480 billion won to build a new auto steel plant in South Korea. According to Sina Finance, the company said the facility is scheduled for completion by 2028 and will produce 450,000 tons of hot-dip galvanized steel for automotive outer panels each year. POSCO said the plant will be its eighth continuous galvanizing line at the Gwangyang integrated steel mill, 360 kilometers south of Seoul, expanding capacity beyond the existing seven lines. POSCO President Lee Hee-gon said in a news release that the investment is strategic and aims to strengthen the company's future competitiveness. The company said its seven existing continuous galvanizing lines have a combined annual capacity of 4.5 million tons, and total hot-dip galvanized steel capacity will rise to 4.95 million tons after the new line starts operating.