S. Korean steel firms to invest US$16 billion over next 3 years

S. Korean steel firms to invest W18.71 tln over next 3 years. South Korea's steelmakers said that they plan to spend 18.71 trillion won (US$16 billion) over the next three years in upgrading and expanding facilities. POSCO and other local steelmakers are expected to spend around 6.9 trillion won next year following this year's estimated 10.12 trillion won, according to the companies. The steelmakers said they will invest 5.85 trillion won in 2011 and another 5.90 trillion won in 2012, adding that the spending will also be aimed at reducing greenhouse gases and energy consumption. Local steelmakers are expecting steel demand to increase down the road on rising demand from automakers and shipbuilders.