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Posco, Nippon Steel Begin Construction of Pohang RHF Factory
09/15/2008 - Posco and Nippon Steel commence construction of their joint-venture RHF factory at Posco’s Pohang Steelworks.
Posco and Nippon Steel Corp. recently commenced construction of the RHF factory of their jointly invested PNR (Posco-Nippon Steel RHF Joint Venture Co., Ltd.). The new RHF factory will be constructed at Posco’s Pohang Steelworks.
Posco and Nippon are developing the RHF business (70% by Posco and 30% by Nippon Steel) as part of their cooperation strengthening strategy of both companies. When the RHF factory at Pohang is completed, it will be capable of producing 140,000 tonnes of HBI products annually, with large quantities to be exported to Nippon Steel. The Gwangyang factory will be capable of producing 126,000 tonnes of DRI products annually, which will be totally used by Posco.
Posco and Nippon are developing the RHF business (70% by Posco and 30% by Nippon Steel) as part of their cooperation strengthening strategy of both companies. When the RHF factory at Pohang is completed, it will be capable of producing 140,000 tonnes of HBI products annually, with large quantities to be exported to Nippon Steel. The Gwangyang factory will be capable of producing 126,000 tonnes of DRI products annually, which will be totally used by Posco.
In the current environment of rapidly rising steel material prices, Posco and Nippon expect the new RHF factories to contribute to resource recycling by recovering effective resources from steel by-products that would otherwise be disposed of or used outside the company. In preparation for the expected unstable demand for outside recycling of steel by-products (due to stagnation in the construction economy), internal recycling rates are expected to be stably raised.
By activating the jointly invested RHF facilities, Posco and Nippon Steel also expect to further develop the strategic cooperation between the 2 companies, and secure carbon credits through connections to the CDM (Clean Development Mechanism) business along with resource creation from by-products.
Completion of construction for the Pohang factory to be established within the number 3 zone is expected in September 2009, while the Gwangyang factory to be established in the Donghoan reclaimed land is expected to be completed in December 2009.
By activating the jointly invested RHF facilities, Posco and Nippon Steel also expect to further develop the strategic cooperation between the 2 companies, and secure carbon credits through connections to the CDM (Clean Development Mechanism) business along with resource creation from by-products.
Completion of construction for the Pohang factory to be established within the number 3 zone is expected in September 2009, while the Gwangyang factory to be established in the Donghoan reclaimed land is expected to be completed in December 2009.
Since entering their strategic alliance in August 2000, which includes ownership of each other’s stocks, Posco and Nippon Steel have continued to discuss cooperative businesses. As a joint venture by-product recycling entity, the formation contract for PNR was entered by both companies in October last year and the entity was established in January this year.
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