SEOUL, July 23 (Korea Bizwire) — South Korea’s oldest blast furnace, in operation for close to 50 years, will be closed.
At the Q2 performance brief held on Tuesday, South Korean steelmaker POSCO announced its plan to shut down Pohang Blast Furnace No. 1 in Pohang, about 375 kilometers southeast of Seoul, next year.
Pohang Blast Furnace No.1 was built on June 9, 1973, making significant contributions to South Korea’s steelmaking history as well as economic growth.
The lifespan of a blast furnace is typically no more than 15 years due as they are subjected to temperatures in excess of 1,000 degrees Celsius.
Pohang Blast Furnace No. 1, however, went through multiple renovations to extend its operational lifetime.
Now, the furnace produces less than 1.3 million tons of molten metal every year, with its size less than one-third of large blast furnaces, which hurts price competitiveness.
Image Credit: POSCO / photonews@koreabizwire.com
