POSCO to Boost Production of Steel Plates for Ships

POSCO will increase production of ship steel plates by 30 percent from 3.6 million tons to 4.7 million tons over the next three years. The steelmaker said Wednesday it will invest W90 billion (US1$=W947) in improving facilities of three ship steel production lines at its Pohang ironworks.

Demand for ship steel is on the rise since the flourishing domestic shipbuilding industry will need 6 million tons of steel this year, but steelmakers can only produce 4 million.