Posco has opened a stainless steel continuous rolling and annealing plant in Pohang, South Korea.
The plant was opened in a ceremony attended by 70 Posco officials, including CEO Chung Joon-yang and other relevant companies.
The company said that the plant will allow it to fend off competition from cheaper Chinese products by securing technological and price competitiveness.
The new plant has a production capacity of 400kt/y. However, with cold rolled stainless steel output of existing facilities being cut by 150kt, the new plant will add 250kt to the company’s cold rolled stainless steel production capacity.
Posco said that with stainless steel output being increased by the new plant, it will be able to meet much of the country’s demand for imported cold rolled stainless steel products, and increase exports.
According to the company’s estimates, the amount of cold rolled stainless steel products imported into the country will rise from last year’s 130kt to 160kt this year.