Posco, Korea’s leading steelmaker, said yesterday that it will spend 1.6 trillion won （$1.41 billion） on building a new plant in the country to expand its output capacity.
Posco said construction of the plant, which will be used to produce hot-rolled coils, will be completed by the end of 2013. The plant, with an annual production capacity of 3.3 million tons of hot-rolled coils, will be built in Gwangyang, South Jeolla.
The steelmaker said its annual production of hot-rolled coils will increase to 26.84 million tons from the current 23.54 million tons when the new plant starts production in early 2014.
In addition, Posco, the world’s third-largest steelmaker, said its board approved a plan to build a factory in India with a capacity of 1.8 million tons.
The plant in the western Indian state of Maharashtra will manufacture cold-rolled steel sheets for automobiles and home appliances, thus helping Posco tap into the growing market. The construction of the plant will be completed by the end of 2013. It will invest 321 billion won by participating in a rights issue sold by its Indian unit. Posco said demand for cold-rolled steel products in India is expected to rise at an annual rate of 12.5 percent through 2018.
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