Korean steelmaker POSCO announced plans to invest 480 billion won (approximately $359 million) in building a new automotive steel plant, aimed at expanding its high-end steel products business. Set to be completed by 2028, the facility will produce 450,000 tons annually of hot-dip galvanized steel, which is crucial for automotive outer panels.
This plant will be POSCO’s eighth continuous galvanizing line (CGL) at its integrated steel mill in Gwangyang, located 360 kilometers south of Seoul. The new line will increase the total annual production capacity of hot-dip galvanized steel at POSCO to 4.95 million tons, building on the existing seven CGLs with a combined capacity of 4.5 million tons.
POSCO President Lee Hee-geun emphasized that this strategic investment is designed to enhance the company’s competitiveness in a rapidly evolving global steel market, helping to lower manufacturing costs and boost technological capabilities. Hot-dip galvanized steel is valued for its corrosion resistance and surface quality, making it essential for automotive bodies and household appliances.
