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POSCO mulls investing up to 200B won for cleaner steelmaking

POSCO may invest 100 billion to 200 billion South Korean won to make its steelmaking process cleaner in compliance with the country's tighter environmental rules, Reuters reported June 3, citing Ahn Yoon-gih, senior vice president of the company's steel unit.

The company made the pledge after it said in February that it would spend 1.07 trillion won by 2021 to build eco-friendly facilities and reduce emissions.

POSCO is also planning to use more steel scrap in its production to decrease its reliance on imported iron ore and prolong the life cycle of steel. Ahn declined to give specific figures, the newswire said.

POSCO produces about 42 million tonnes of crude steel per year and imports about 60 Mt of iron ore per year, according to the report.

As of May 31, US$1 was equivalent to 1,189.94 South Korean won.