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POSCO unveils mega expansion plans

POSCO announced that it will invest kwr 45 trillion (USD 40 billion) and hire 20,000 by 2023, in part of a bid to upgrade its steel capacity and contribute to society. In the plan, the company will allocate the funds to steel, new growth businesses highlighted by rechargeable battery materials, and energy and infrastructure businesses. For steel, POSCO will invest KWR 26 trillion to automate the No 3 blast furnace of its Gwangyang Steel Mill by applying artificial intelligence, expanding facilities exclusive for its Giga Steel and establishing power generation facilities using byproduct gases. The 4,600 cubic-meter No. 3 blast furnace is capable of producing 3.52 million tons of molten steel. For its new growth businesses, the group will invest 10 trillion won to enhance its technology and capacity for secondary battery materials. In the pipeline is upgrading lithium-extracting technologies and building new factories for lithium, anode and cathode materials using synthetic graphite. For energy and infrastructure businesses, the group will earmark 9 trillion won for clean thermal and eco-friendly power generation projects, expanding liquefied natural gas storage facilities, upgrading POSCO Daewoo’s Myanmar gas field facilities and enhancing its construction businesses. Along with the massive investment plan, POSCO said it will hire 20,000 in the next five years to secure the required manpower. The hiring volume will be up 190 percent from 7,000 the group hired in the past five years. POSCO Chairman Choi Jeong-woo said the group came up with the investment plan to take a pre-emptive step to lead the global steel industry and the era of the Fourth Industrial Revolution in the manufacturing sector.

Giga Steel is POSCO’s extra-strong steel product regarded as one of the strongest steels available for vehicles, allowing automakers to manufacture lighter cars by building thinner chassis and frames.
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