POSCO to become world's largest producer of steel plates by 2011

POSCO aims for no.1 steel plate producer.
POSCO's vision is to become the world's largest producer of steel plates by the year 2011. Used primarily in ship-making, steel plates are under great demand around the globe. POSCO announced Wednesday it will invest W1.8 trillion (US$1=W1,007) in a new steel plate plant in Gwangyang, South Jeolla Province to be completed in three years and with an annual capacity of two million metric tons of steel plates. Another W1.4 trillion has been injected into POSCO's steel plant in the company's hometown of Pohang. The investments should bring POSCO's annual steel plate production to 7.3 million tons, making the company the second largest steel producer in the world, up from its current fourth-place slot. Recently, Korean companies such as Hyundai Heavy Industries have been having a hard time acquiring steel plates in the face of increased orders. Korean companies import around six million tons of steel plates each year but that is expected to dip below three million tons after the plant construction is finished. Local citizens will also benefit from the jobs needed to build the plant and those to work in it afterward.