South Korean steelmaker POSCO has announced that it is investing KRW 255.4 billion ($214.35 million) to build a new continuous galvanizing line at its Gwangyang plant.
The new continuous galvanizing line will produce advanced high strength steel (AHSS) with an annual output capacity of 500,000 mt. The line is scheduled to be operational in June 2017. With its new plants in Gwangyang and Thailand, the South Korean steelmaker, which produced 8.5 million mt of automotive steel last year, is expected to increase its output to approximately 10 million mt by 2017.
POSCO is aiming to establish itself as the world’s second biggest producer of advanced high strength steel for the automotive industry after ArcelorMittal.