'POSCO Pohang No.1 Blast Furnace' to Shut Down in 2021
[Asia Economy Reporter Park So-yeon] 'Pohang No. 1 Blast Furnace,' Korea's longest-operating blast furnace since June 1973, will be abruptly shut down in 2021.
POSCO announced on the 21st during the Q2 earnings conference call, "Pohang No. 1 Blast Furnace is also scheduled to be closed next year, and the timing will be flexibly decided depending on the situation."
Built with funds from the Japan-Korea Claims Settlement, Pohang No. 1 Blast Furnace is considered the root of Korea's steel industry history and a testament to the country's economic growth.
The late Honorary Chairman Park Tae-joon, who initiated the construction of the No. 1 blast furnace in 1969, said, "If we fail to build the steel mill with the blood price of our ancestors, we are committing a sin against them, so we must work with our lives on the line. If we fail, we all must 'march to the right' and drown in the East Sea of Yeongil Bay," as he pushed forward with the construction.
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On June 8, 1973, the No. 1 blast furnace was lit for the first time and poured the first molten iron that raised Korea's industry the next day. An official from the steel industry said, "As Pohang No. 1 Blast Furnace began full-scale production of steel, the 'rice of industry,' Korea was able to become a global manufacturing powerhouse."
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