POSCO - Latest news GMK Center

Possible partnership is a response to US steel tariffs

This move is part of POSCO's broader corporate restructuring strategy

Last year, the company reduced rolled steel sales by 1% year-on-year

The company explains this decision by the global oversupply of steel

The initial investment in the project will amount to 200 billion rupiah

The capacity of the plant is planned at the level of 5 million tons of steel per year

The company will invest $21.2 billion of this amount in environmentally friendly steel

This step is designed to increase the efficiency of the Japanese steel company's assets

The parties are starting the implementation of the project at the site in Pohang

The company has already put the unit into operation

HyREX hydrogen reduction process is used in production

Investments in maintenance will amount to $385 million, and the unit will be put back into operation in June 2024