[THE INVESTOR] POSCO may shut down its oldest blast furnace at the plant in Pohang, North Gyeongsang Province, local media reported on Jan. 10.
According to reports, the company is now waiting for the management’s decision on the issue. The exact timing has yet to be decided.
The furnace has been in operation since June 1973, and has an annual production capacity of about 1.3 million metric tons. In comparison, the annual production capacity of POSCO’s newer furnaces range between 4-5 million ton.
The potential move is expected to have little effect on POSCO’s overall production capacity, as the company is set to begin upgrading another furnace at the Pohang facility.
The work, scheduled to begin next month, is expected to add 1 million ton to the annual production capacity of the concerned furnace.
By Choi He-suk (firstname.lastname@example.org)