SEOUL (dpa-AFX) - Posco Holdings Inc. (PKX, 005490.KS), a South Korean steel producer, on Monday announced plans to invest approximately KRW 480 billion to build a new continuous galvanizing line at its Gwangyang Works in South Korea.
Posco broke ground on the project on September 8, with completion scheduled for 2028.
Upon completion, the company's annual hot-dip galvanized steel sheet production capacity will increase to 4.95 million metric tons.
The new line will have an annual production capacity of 450,000 metric tons.
The company said the new line will also produce lower-carbon automotive steel sheets using materials from its new electric arc furnace.
The company said the investment will strengthen its production capabilities for premium automotive steel sheets and support growing demand for larger vehicles and lower-carbon steel.
Posco os 1.86% lesser at KRW 317,500 on the Korean Stock Exchange.
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