POSCO Breaks Ground on Electrical Steel Mill
04/22/2022 - The South Korean steelmaker broke ground today on a 1 trillion won (US$805 million) steel plant in the southwestern port of Gwangyang, according to The Korea Times.
The 300,000-tons-per-year plant will produce non-oriented electrical steel to satisfy rising demand from the automotive and home appliance markets, The Korea Times reports.
The company currently produces 100,000 tons of non-oriented electrical steel annually.
The new plant is expected to be complete in 2025, according to POSCO.
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