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Report: POSCO to invest more than 26 trillion won in steel business by 2023

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Report: POSCO to invest more than 26 trillion won in steel business by 2023

POSCO plans to invest 45 trillion South Korean won in the company over the five years starting 2019, of which 26 trillion won will be invested in its steel business, The Korea Herald reported.

The plan follows a government call to step up investment and employment; POSCO's investments are expected to create about about 20,000 jobs, half of which will be in the steel sector.

According to the report, the planned investment is 2.5 times POSCO's investment in the last five years while job creation will be about 190% more than the roughly 7,000 people it hired during that time.

It plans to modernize its Gwangyang Blast Furnace No. 3, expand the Giga steel production facility and construct a gas-powered plant to improve energy efficiency at its steel operations, according to the report.

As of Aug. 31, US$1 is equivalent to 1,116.63 South Korean won.