POSCO Plans Approximately 5 Trillion KRW Investment Over 3 Years at Gwangyang Steelworks

View of Gwangyang Steelworks

[Asia Economy Reporter Jeong Dong-hoon] POSCO has decided to invest approximately 5 trillion KRW over three years in the Gwangyang Steelworks.

According to POSCO Gwangyang Steelworks on the 1st, POSCO recently finalized plans for regional investment and cooperation following its transition to a holding company. This year, POSCO plans to invest 1.7 trillion KRW in the refurbishment of blast furnaces 2 and 4 at Gwangyang Steelworks and in projects to increase production capacity of eco-friendly automotive electrical steel sheets.

Next year, it intends to invest 1.7 trillion KRW in new businesses, and in 2024, an additional 1.5 trillion KRW. The 1.7 trillion KRW investment in the Gwangyang region this year represents an increase of about 600 billion KRW (54.5%) compared to the average investment of 1.1 trillion KRW over the past three years.

POSCO is also known to be expanding the Gwangyang Steelworks site to gradually transition to a carbon-neutral production system, increasing investment in eco-friendly facilities such as electric furnaces and hydrogen reduction equipment.

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